Stocks see mild gain as cautious trading persists on NGX

Nigeria’s stock market increased slightly by 0.02 percent on Wednesday, thanks to investors who bought shares of Africa Prudential, UH Real Estate Investment Trust, Caverton Offshore Support Group and Lasaco.

These stocks helped to pull the market into the green zone despite major dip seen in stocks like Oando, Eunisell Interlinked, and Union Dicon Salt. This week, the market has decreased by 0.64 percent.

UH Real Estate Investment Trust increased from N40.25 to N44.25, adding N4 or 9.94percent. Africa Prudential rose from N30.30 to N33.30, adding N3 or 9.90percent.
Caverton rallied from N2.23 to N2.45, up by 22kobo or 9.87percent, while Lasaco moved from N2.89 to N3.09, adding 20kobo or 6.92percent.

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Ahead of Wednesday’s trading, Lagos-based analysts at Vetiva Research said, “we expect cautious trading to persist as investors continue to lock in profits across key sectors. However, bargain-hunting opportunities may emerge, particularly in recently oversold counters”.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased from preceding trading day’s lows of 107,781.79 points and N67.168 trillion to 107,798.99 points and N67.179 trillion.

The market’s year-to-date (YtD) return stood higher at +4.73 percent.

In 10,098 deals, investors exchanged 245,516,922 shares valued at N8.414billion. Access Holdings, Zenith Bank, Sterling Financial Holdings Company, Jaiz Bank and AIICO were actively traded stocks.