Rising appetite for undervalued stocks boost equities by N76bn
The Nigerian equities market sustained uptrend on Tuesday amid renewed interest in undervalued stocks, leading to N76 billion profit for investors in the market.
Particularly, the bull-run was buoyed by buying interests in Dangcem, Mansard and NASCON which closed the day higher by 2.2 per cent, 9.6 per cent and 10.0 per cent respectively.
Following the gain of the day, market aggregate value closed higher at N21.07 trillion while the All-Share Index (ASI), that tracks share prices movement added 145.17 points or 0.36 per cent to close at 40,295.95 basis points.
The total volume of trades increased by 247.5 per cent to 1.17 billion units, valued at N7.97 billion, and exchanged in 5,591 deals.
Sectoral performance was mixed, as the Insurance (3.6 per cent), Industrial Goods (1.0 per cent), and Consumer Goods (0.4 per cent) indices recorded gains, while the Banking (-0.6 per cent) and Oil & Gas (-0.1 per cent) indices declined.
Market sentiment, as measured by market breadth, was positive as 26 tickers gained, relative to 20 losers.
Trading statistics by the Nigerian Stock Exchange (NSE) showed that Dangote Cement led other gainers as it added N5 to close at N230 per share. ARDOVA trailed with N1.75 gain to close at N19.70 per share.
Other gainers are NASCON, Dangote Sugar and Maybaker, gaining N1.45, N0.30 and N0.26 to close in the green territory at N15.95, N19.65 and N3.85 per share respectively.
On the flip side, GUARANTY topped decliners’ chart with N0.35 loss to close at N32.50 per share, followed by MTN Nigeria, OANDO and JBerger which shed N0.20 each to close at N165, N3.5 and N17.70 per share respectively.