Equities market sustains bargain hunting opens at +0.45 per cent

The Nigerian bourse resumed the week on a positive note as its All Share Index (ASI) increased by 0.45 per cent amid sustained bargain hunting activity.

On Monday, equities investors gained N81.84 billion as the market capitalisation of the Nigerian Stock Exchange (NSE) closed at N18.31 trillion.

Hence, the year to date gain of the NSE ASI hit 30.55 per cent.

Despite the bullish activity, the local bourse recorded a higher number of losers as 29 stocks depreciated in value, while 19 stocks gained. Airtel Africa led the gainers’ chart having increased its share value by ten per cent to close at N588.50 Kobo per share, while NNFM recorded the largest loss of the day to close at N6.93 kobo.

Also, three of the five sub-sector gauges closed in negative, with the Banking sector being the most hit as its index fell by 2.49 per cent; also, the NSE Industrial and the NSE Consumer Goods declined by 0.68 per cent and 0.44 per cent respectively. On the positive side, the NSE Insurance and the NSE Oil/Gas indices rose by 1.63 per cent and 0.01 per cent respectively.

Meanwhile, there was improved liquidity in the equity on Monday as the deals, total volume and value of stocks traded surged by 32.47 per cent, 118.38 per cent and 47.05 per cent to 5,267 deals, 0.42 billion units and N4.89 billion respectively.

Multiverse, Zenith Bank and Transnational Corporation were the most active to boost market turnover, Mutual Benefit led the list of active stocks that recorded an impressive volume spike at the end of Monday’s trading session.

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Equities market sustains bargain hunting opens at +0.45 per cent

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