• Monday, June 24, 2024
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Nigeria’s stocks gain N142bn as bargain hunting continues

Premium stocks see major sell-offs as investors buy MPC outcome

Nigeria’s equities market furthered its movement into the green zone on Wednesday as investors continued their bargain hunting activities across major sectors. Listed stocks’ value increased by about N142billion as 19 stocks gained against 14 losers. Topmost on the list of gainers is Pharm-Deko Plc which increased from N1.09 per share to N1.19, up by 10kobo or 9.17percent.

Also, Neimeth International Pharmaceuticals Plc share price recorded remarkable gain, from preceding day low of N1.51 to N1.64, up by 13kobo or 8.61percent; followed by Ikeja Hotel Plc which advanced from N1.30 to N1.40, up by 10kobo or 7.69percent. Livestock Feeds Plc also made the top advancers league after its share price moved from day open low of N1.90 to N2.03, up by 13kobo or 6.84percent.

Except NGX Consumer Goods Index (-0.02percent), other key sectoral indices closed in green. NGX Banking Index increased by 0.45percent, NGX Insurance Index (+0.26percent), NGX Oil & Gas Index (+0.19percent), while NGX Pension Index was up by 0.07percent.

Read also: Nigeria’s equities market see negative start to new week

The record positive close of the Bourse on August 11 helped to further reduce the stock market’s negative return this year to -2.04percent.

Transnational Corporation Plc, Ecobank Transnational Incorporated Plc, FCMB Group Plc, Sterling Bank Plc and UBA Plc were most traded stocks on the NGX.

In 3,599 deals, investors exchanged 181,417,236 units valued at N2.089billion.

At the close of trading session on the Nigerian Exchange Limited (NGX), the NGX All-Share Index (ASI) and Market Capitalisation increased from 39,176.62 points and N20.411trillion respectively to 39,448.46 points and N20.553trillion.