Nigeria’s equities market opened a new trading week in green with record gain of about N94billion as investors continued their bargain hunting in value stocks as half-year (H1) earning season gains traction.
“Last week, the market saw increased buy-side activity and overall improvement in activity level which was driven largely by the expectation of better-than-expected second quarter (Q2) earnings as seen in some of the early releases.
“We expect to see similar trading pattern going into the new week, even as we highlight the possibility of profit taking on some counters that have seen gains in recent sessions later in the week”, said Vetiva research analysts in their July 26 note.
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The stock market has rallied by 2.49percent in this month of July.
Investors showed further interest in stocks of Oando Plc, making it to rally most on the Nigerian Exchange Limited (NGX). Oando Plc stock price moved up most, from N3.97 to N4.36, up by 39kobo or 9.82percent, followed by FTN Cocoa Plc which increased from 41kobo to 45kobo, up by 4kobo or 9.76percent.
Also, Ardova Plc made the top advancers league after its share price increased from N15.90 to N17.45, up by N1.55 or 9.75percent, followed by BOC Gas which rallied from N7.70 to N8.45, up by 75kobo or 9.74percent, and Livestock Feeds Plc which rose by 19kobo or 9.64, from N1.97 to N2.16.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation which opened this week’s trading at 38,667.9 points and N20.146trillion respectively increased by 0.47percent or N94billion to 38,849.08 points and N20.240trillion.
Banking stocks led the activity chart on the Bourse as Fidelity Bank, Access Bank, UBA, GTCo and Wema Bank were most traded on Monday July 26. In 4,676 deals, equity investors exchanged 246,556,190 units valued at N2.242billion. The stock market’s negative return year-to-date (ytd) decreased to -3.53percent.
