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NSE halts losing streak as bargain hunting begins

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By Nkiruka Nnorom

The losing streak on the Nigerian Stock Exchange, NSE, was halted today with investors recording N47 billion gains at the end of the day’s trading.

Nigerian Stock Exchange
Nigerian Stock Exchange NSE

This was after returns in the market reverted to negative last week following months of downward movement.

Analysts had said that bargain hunters may re-enter the market this week due to the low stock prices that resulted from the bears market.

At the end of trading today, the key performance indicator – the All share Index, ASI, appreciated by 0.36 percent to 36,947.10 points from 36,816.29 on Friday.

Similarly, the equities capitalisation rose by 0.35 percent to N13.383 trillion from N13.336 trillion.

Analysis of the day’s trading shows that for every gainer, there was a loser with Japaul Oil and Maritime Services Plc leading the gainers chart with 9.09 percent to close at N0.24 from N0.22. Custodian and Allied Plc followed, appreciating by 4.92 percent to close at N5.12 from N4.88.

Eterna Plc ranked third, rising by 4.90 percent to close at N6.64 from N6.33; Guaranty Trust Bank Plc placed fourth with 4.53 percent closing at N40.40 from N38.65, while Aiico Insurance was up 3.45 percent to close at N0.60 from N0.58 per share.

According to analysts at Cordros Capital, the market fundamental remained strong and is supportive of further rally. “Our theme for equities market remains positive in the medium to long term, as still-positive fundamentals remain supportive of gains on the bourse. That said, we reiterate our guidance for cautious trading and the need for investors to focus on fundamentally sound stocks,” they said.

For analysts at United Capital Plc, they expect investors to hunt for bargains this week.

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