• Thursday, March 28, 2024
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Stocks gain over N200bn as bargain hunting continues

Nigeria stocks rise by 1.47% in week ended July 2

Nigeria’s listed stocks garnered about N212billion on Tuesday November 10 as investors continued their bargain hunting activities in mid/large cap stocks. Thanks to MTNN, Stanbic IBTC, NASCON, Dangote Sugar, Ardova and other counters that moved higher. In just two trading days into this week, investors have gained over N850billion while the market has risen by + 5.26percent.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 1.25percent at the close of remote trading session on Tuesday, moving from 32,243.05 points to 32,647.10 points; while market capitalisation increased from N16.847trillion to N17.059billion.

Given the strong positive market breadth coupled with the significant bullish sectoral performances, analysts expect no deviation from currently bullish trading pattern. Though, with the gains recorded in the last few sessions, the possibility of profit taking cannot be overruled.

The market’s year-to-date (ytd) positive return moved to new high of 21.63percent. In 7,651 deals, investors exchanged 578,779,229 units valued at N7.743billion. Zenith Bank, FBN Holdings, Access Bank, Fidelity Bank and GTBank were actively traded stocks.

On the top advancers list, MTNN led others after its share price moved from N150.1 to N156.2, up by N6.1 or 4.06percent.

Stanbic IBTC followed, moving from day open low of N46 to N48, adding N2 or 4.35percent. NASCON also rallied from N14.05 to N15.45, adding N1.4 or 9.96percent. Dangote Sugar Refinery Plc increased from N18.1 to N19.4, up by N1.3 or 7.18percent. Ardova increased from N13.45 to N14.4, adding 95kobo or 7.06percent.