Amid the absence of major positive event or news that is capable of lifting investors confidence around the globe, the Nigeria stock market on Thursday April 2 halted a three-day downward slope.
Investors leveraged the opportunity of bargain hunting existing in some value counters like Dangote Cement Plc, Flourmill Nigeria plc that recently reached record lows.
The shares of Dangote Cement Plc recorded the highest gains on the Bourse after rising from N116.8 to N128.4, adding N11.6 or 9.93percent; followed by Flourmill Nigeria Plc which moved up from N19.15 to N20.2, adding N1.05 or 5.48percent.
On the decliners’ list, MTNN Plc led others after it dropped from N98.4 to N92.8, losing N5.6 or 5.69percent followed by Nigerian Breweries Plc which dropped from a high of N24.8 to N22.5, losing N2.3 or 9.27percent.
“We expect the risk-off sentiments to continue, given the current state of the global economy and investors flight to safety.
“Also, we believe investors might continue to position in healthcare names, due to investments made by government and private sector in fighting COVID-19,” according to United Capital research analysts in their recent note to investors.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased from 21,100.54 points recorded the preceding trading day to 21,121.20 points on Thursday while the value of listed stocks increased from N10.996trillion to N11.007trillion, which implies about N11billion gain.
In 4,418 deals, stock dealers exchanged 255,592,473 units valued at N2.864billion. Zenith Bank, GTBank, FBN Holdings, Transcorp and UBA were actively traded stocks on Thursday April 2.
The Debt Management Office (DMO) postponed the auction for the April 2020 FGN Savings Bond, until conditions are right to resume. This is as a result of the Coronavirus (COVID-19) pandemic.
Iheanyi Nwachukwu
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