Bargain Hunting Halts 3-day Losing Streaks, NSE Gains ₦50bn

Bargain Hunting Halts 3-day Losing Streaks, NSE Gains ₦50bn

Investors sentiments improves Thursday as three days losing streak ends with the Nigerian equities segment value rise N50.1 billion above previous market close.

After three consecutive sessions of negative performance, sentiments in the equities market rebounded as the NSE All Share Index rose by 38 basis points (bps) to 25,520.97 points.

The uptrend surfaced following the renewed interest in heavyweight banking and telecommunication stocks by local investors, analysts said.

Read Also: NSE to Remain Positive amid Tier-1 Banks Earnings Releases

Thus, market data indicated that year to date loss has dipped moderately to 4.92%.

Meanwhile, equities market capitalisation rose to N13.314 trillion after seeing buying interest rising, albeit moderately.

At the close of the market, the top gainers are ETERNA Plc which grew 9.69% to N2.49, C&I Leasing Plc increase 8.45% to N3.85, and WEMA Bank Plc did 7.84% to 55kobo.

The top losers were ABC Transport Plc, the company’s share price dropped 7.69% to 36kobo, Cornerstone Insurance Plc tail off by 7.58% to 61kobo, and Consolidated Hallmark Plc declined 5.88% to 32kobo.

Bargain Hunting Halts 3-day Losing Streaks, NSE Gains ₦50bn

 

Chapel Hill Denham said on the NSE sector basis, the performance was broadly mixed but with a bullish tilt as 3 of 5 coverage indices closed higher relative to the previous session.

Pointedly, the NSE Banking, NSE Consumer Goods, and NSE Industrial indices notched higher by 2.28%

, 0.08%,

 and 0.02%, respectively.

The preceding was enough to mask weaknesses across the NSE Insurance declined 1.66% and NSE Oil & Gas droppe

d 1.28% indices, following significant sell-off in CUSTODIAN (-7.6% to 61kobo) and SEP

LAT (-2.5% to N390.00).

Analysts said market activit

y was negative as the volume traded moderated by 12.29% to 236 million units, valued at N1.648 billion.

The trio of Zenith Bank (33.16mn units), Fidelity Bank (29.97mn units), and Mutual Benefit (25.04mn units) are today’s most traded stocks by volume.

Zenith Bank shares transaction worth N546.75 million, Guaranty N221.90 million, and SEPLAT did N174.34 million to lead the top traded by value.

Also, at the close of the market, the Chapel Hill Denham’s Paramount Equity Fund (PEF) and the Women Investment Fund (WIF) rose slightly by 95bps and 62bps, respectively.

Bargain Hunting Halts 3-day Losing Streaks, NSE Gains ₦50bn