Bargain hunters propel Nigerian stocks up, investors gain N50 billion

Nigerian Stocks ended the mid-week trading session on a bullish note. The All Share Index gained by 0.23% to close at 41,051.63 index points as against the -0.07% drop recorded on Tuesday.

  • Nigerian Stock Exchange market value now stands at N21.5 trillion. Its Year-to-Date (YTD) returns currently stands at +2.18%. Investors gained N50.3 billion.
  • Nigerian bourse trading turnover ended positively as volume ticked up by 23.74% as against the 28.91% plunge recorded on Tuesday. MBENEFIT, TRANSCORP, and STERLNBANK were the most active to boost market turnover.
  • The market breadth closed positive as NNFM led 55 Gainers as against 14 Losers topped by MANSARD at the end of today’s session – an improved performance when compared with the previous outlook.

Top gainers

  1. NNFM up 10.00% to close at N8.8
  2. BOCGAS up 9.80% to close at N15.12
  3. ARDOVA up 9.72% to close at N19.75
  4. WAPCO up 8.16% to close at N26.5
  5. FLOURMILL up 1.56% to close at N32.5

Top losers

  1. MANSARD down 10.00% to close at N1.53
  2. JAPAULGOLD down 9.38% to close at N1.16
  3. CUTIX down 5.50% to close at N2.06
  4. GUARANTY down 2.07% to close at N33.05
  5. AFRIPRUD down 1.41% to close at N7

Outlook

Nigerian stocks recorded gains at the third trading session of the week, as investors increased their buying pressure, especially buying from dips across the market spectrum.

  • Nigerian’s crude, at the time of writing, sold at $56/barrel and helped in boosting the Nigerian central bank dollar cash inflows taking to account that crude oil remains Nigeria’s major cash cow.
  • However, Bigwig FX, envisages cautious buying, amid stringent capital controls set in place by Nigeria’s Apex bank could trigger lower Foreign Portfolio participation.


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