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Equities market still upbeat as 39 stocks rise

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The equities market remained upbeat at the close of trading today following bargain hunting in value stocks that had bottomed out during the protracted downturn.

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39 stocks appreciated in price, leading to 2.46 percent surge in the All Share Index, ASI, to 37,854.92 points, largest gain since the peak of the January-rally.

Accordingly, the month-to-date and year-to-date losses moderated further to -0.66 percent and -1.02 percent respectively.

Also, the equities capitalisation rose by N329 billion to close at N13.712 trillion from N13.383 trillion, representing 2.46 percent increase.

Analysis showed that Oando Plc led the gainers with 9.84 percent to close at N6.70 from N6.10, followed by International Breweries Plc with 7.69 percent to close at N42.00 from N39.00.

Dangote Sugar refinery, DSR Plc, appreciated by 6.38 percent to close at N18.35 from N17.25; Honeywell FlourMills Plc, Okomu Oil Plc and Nigerian Breweries all notched up by five to close at N2.20, N80.00 and N106.00 per share respectively.

According to investment analysts, the gains are likely to extend following the elongated bearish run of the market which ended last week.

“More so, still-strengthened macroeconomic fundamentals and attractive prices of value stocks remain supportive of gains,” said analysts at Cordros Capital.

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