Nigeria’s stock market reached a new high on Tuesday, May 5 as more investors remained on the buy-side at the Bourse in favour of attractive counters. Investors gained about N375billion at the close of the trading session.
The market increased by 3.12 percent as equity investors continued to snap up value stocks like Nestle Nigeria Plc which moved up by N54.8 or+5.96percent; Dangote Cement Plc (N13 or +10 percent); Zenith Bank Plc (50kobo or +3.48percent), MTNN Plc (N4 or +3.45percent) and Lafarge Africa Plc (40kobo or +3.88percent).
“We believe it makes sense to increase portfolio positions which we consider to be good value,” said equity research analysts at Coronation Merchant Bank.
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The NSE All-Share Index and Market Capitalisation opened for remote trading on Tuesday at 23,089.86 points and N12.033trillion increased to 23,809.31 points and N12.408trillion respectively. The market’s negative return year-to-date (YtD) stood lower at -11.30percent.
Given that a number of fundamentally sound stocks remain below their fair value, market watchers expect investors to continue to take a position on attractive counters in the near term in spite of the persistent threat of the Coronavirus pandemic.
Banking stocks were actively traded stocks on the Bourse. In 4,689 deals, equity dealers exchanged 345,175,086 units valued at N4.252billion.
