Market rallies further by 0.43% as investors hunt undervalued stocks

Nigeria’s equities market rallied further by 0.43 percent or N259billion on Wednesday as stock investors remain steadfast in pursuing undervalued names across key sectors.

This month, the market has risen by 3.05 percent, while this week, it has risen by 1.11 percent. This year’s return increased to 34.38 percent.

Stocks like MRS, Learn Africa, International Energy Insurance, Coronation Insurance and Livestock Feeds pushed the market higher.

MRS rallied most, from N145.20 to N159.70, adding N14.50 or 9.99 percent. Learn Africa increased from N3.21 to N3.53, adding 32kobo or 9.97 percent.

International Energy Insurance increased from N1.33 to N1.46, adding 13kobo or 9.77 percent. Coronation Insurance rose from N1.54 to N1.69, adding 15kobo or 9.74 percent, while Livestock Feeds rallied from N3.39 to N3.72, adding 33kobo or 9.73 percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) increased further from preceding day’s low of 100,050.94 points to 100,477.46 points while listed equities value rose from N60.649trillion to N60.908 trillion.

In 9,573 deals, investors exchanged 389,701,474 shares worth N9.199billion. Stocks like Sterling Financial Holdings Company, UBA, Fidelity Bank, Universal Insurance and AIICO were most traded stocks.