Stock market sees first gain in April

…up by 0.19% on bargain hunting activities

Nigeria’s equities market on Tuesday recorded its first gain in April as bargain hunting activities at the Nigerian Exchange Limited (NGX) pushed performance index higher by 0.19percent. The market’s positive return year-to-date (YtD) printed higher at 9.51percent as at close of trading session.

“Just as expected, we saw investors take advantage of the beaten down prices especially in banking names like Zenith Bank and GTCO, as both stocks closed in the green today (Tuesday). We expect further cherry picking of attractive counters across board amid mixed market sentiments,” Vetiva analysts said in their April 5 note.

Nigeria’s equities market capitalisation increased to N25.218trillion from preceding day’s N25.169trillion, up by N49billion. Meyer Plc led the top gainers league after its share price increased from 79kobo to 86, adding 7kobo or 8.86percent.

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It was followed by Regency Assurance Plc which increased from 28kobo to 30kobo, up 2kobo or 7.14percent; and FTN Cocoa which rallied from 31kobo to 33kobo, adding 2kobo or 6.45percent. Cutix Plc also rose from N2.05 to N2.17, up 12kobo or 5.85percent, while Caverton Offshore Support Group Plc rose from N1.26 to N1.33, up by 7kobo or 5.56percent.

The equities market’s benchmark performance indicator – All Share Index (ASI) also increased from 46,687.85 points to 46,777.37 points. In 4,410 deals, investors exchanged 257,413,873 units valued at N2.342billion. Fidelity Bank, Transcorp, Coronation Insurance, GTCO and Access Holdings were most traded stocks on the Bourse.