Market rises further by 0.16% as investors increase bargain on Nigeria bourse

Nigeria’s equities market rallied further by 0.16percent or N43billion on Thursday as investors increased their hunt for bargain on the local bourse. The market rally was driven by investors who bought stocks like Geregu which gained N6 to top the advancers, while Multiverse rose by 42kobo and University Press which was up by 15kobo .

A record three-day rally since Monday has pushed the market higher by 1.04percent this week, while the positive return this year has risen to 5.02 percent. Though the market has decreased this month by 8.49 percent. In 3,187 deals, investors exchanged 93,514,824 shares valued at N3.383billion.

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“Looking ahead, we expect investors to continue to cherry-pick stocks with sound fundamentals as earnings season goes underway. However, we maintain that the local bourse will remain broadly bearish amid a rising yield environment in the fixed-income market,” according to United Capital Research analysts in their October 26 note to investors.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its Market Capitalisation increased from preceding day’s lows of 44,788.14 points and N24.390trillion to 44,859.78 points and N24.433trillion.