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Bargain hunting propels N63bn gains in equities market

By Nkiruka Nnorom
Activity on the Nigerian Stock Exchange, NSE, closed upbeat Tuesday as investors recorded N63 billion gains on their investment following bargain hunting across the major sectors.

Nigerian Stock Exchange
Nigerian Stock Exchange NSE

All sectors closed in the green as a result, while 33 advancers versus 18 losers emerged at the end of the day’s trading.

Breakdown of Tuesday’s trading showed that Unity Bank Plc topped the gainers’ table, advancing by 9.48 percent to close at N1.27 from N1.16. Embattled Oando Plc ranked second, rising by 9.27 percent to close at N8.25 from N7.55.

Skye Bank Plc placed third with 9.09 percent increase to close at N0.96 from N0.88; GlaxoSmithKline Plc advanced by 8.45 percent to close at N34.00 from N31.35, while Julius Berger Plc went up by 8.13 percent to close at n25.95 from N24.00 per share.

Further analysis showed that all sectoral indices with the exception of the oil and gas sector closed in the green with the industrial goods sector leading with 1.75 percent. The banking sector appreciated 1.32 percent; consumer goods sector, 0.60 percent.

However, the oil and gas sector posted marginal decline, declining by 0.02 percent.

Consequently, the market capitalisation rose by N63 billion or 0.64 percent to close at N14.734 trillion from N14.641 trillion on Monday.

Analysts at Cordros Capital, a Lagos-based investment banking firm, said the equities market would remain positive in the medium to long term in view of lower prices of value stocks, which make room for bargain hunting.

On the other hand, C&I Leasing Plc and Fidson Healthcare Plc led on the losers’ table, depreciating by five percent each to close at N1.33 and N5.51 per share respectively.

AG Leventis fell by 4.84 percent to close at N0.59 from N0.62; Sterling Bank Plc went down by 4.71 percent to close at N1.62 from N1.70, while Wema Bank Plc declined by 4.35 percent to close at N0.88 from N0.92 per share.


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