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Bargain hunters push stock market up by 1.57%

Stock Market

By Peter Egwuatu

The bulls resurfaced in the Nigerian equity market on Thursday, with the Nigerian Stock Exchange, NSE All Share Index, ASI closing higher by 1.57 percent to 35,206.16 points, as investors hunted bargains in Dangote Cement’s shares.

Consequently, the Month-to-Date, MtD and Year-to-Date,YtD losses moderated to -4.89 percent and -7.94 percent, respectively.

The Industrial Goods (+1.98 percent) Index led sectoral indices, as investor interest in Dangote Cement (+6.98 percent) shares offset the selloffs of WAPCO (-5.58 percent) shares. Demand for WAPIC (+8.82 percent) and OANDO (+5.26 percent) stocks led to the gains posted in the Insurance (+0.25 percent) and Oil & Gas (+0.20 percent) indices.

Market breadth remained negative, with 25 losers and 11 gainers, led by Total Nigeria Plc and Dangote Cement Plc.

Dangote Cement dominated trading activities with a gain of N15.00 per share to close at N230 per share. Guaranty Trust Bank followed with 85kobo per share  to close at N37.80 per share, while Dangote Flour increased by 50kobo per share to close at N8.20 per share.

Oando appreciated by 25kobo per share to close at N5.00 per share, while FBN Holdings rose by 5kobo to close at N9.65 per share.

On the flip side, the Banking (-0.64 percent) and Consumer Goods (-0.39 percent) Indices closed negative, following sell pressure in the shares of Access Bank (-5.26 percent) and Livestock Feeds (-9.84 percent), respectively.

Specifically, Total Nigeria topped the losers’ chart, dropping by N5.40 per share to close at N177.60 per share. Okomu Oil Palm trailed with a loss of N3.35 per share to close at N71.20 per share , while Lafarge Africa was down by N1.55 per share to close at N26.25 per share.

Ecobank Transnational dipped N1.30 per share to close at N19.20 per sahre, while International Breweries declined by N1.20  per share to close at N34 per share.

An analysis of the activity chart indicated that United Bank for Africa was the most active stock, trading 54.33 million shares worth N436.11 million.

Zenith International Bank followed recording 25.99 million shares valued at N571.42 million, while FBN Holdings traded 14.19 million shares worth N136.64 million.

Analysts at Lagos based investment firm, Cordros Capital said: “We guide investors to trade cautiously in the short-to-medium term, as the absence of a positive one-off catalyst and brewing political concerns, continues to cast a shadow on our outlook for risky assets. However, the likelihood of recovery in the long term remains supported by stable macroeconomic fundamentals.”

 

 


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