Stock market gains N77bn on renewed bargain hunting

Stock market gains N77bn on renewed bargain hunting


 

Local equities rebounded on resumed bargain hunting activities, overall performance measures, NSE All Share Index (ASI) grew by 0.68 per cent, halting the previous day’s loss.
The bullish activities were driven by consumer goods and financial services stocks, which were highly demanded.

Consequently, the All-Share Index gained 208.49 basis points or 0.68 per cent to close at 31,007.25 basis points as against 30,798.76 recorded the previous day, while the market capitalisation of equities appreciated by N77 billion to close at N11.320 trillion from N11.243 trillion as market sentiment returned on green zone.

Meanwhile, a turnover of 198.5 million shares exchanged in 2,802 deals was recorded in the day’s trading.

Premium sub-sector was the most active (measured by turnover volume); with 102.2 million shares exchanged by investors in 1,055 deals.
Volume in the sub-sector was largely driven by activities in the shares of Access Bank Plc and FBNH Plc.

Banking services sub-sector boosted by activities in the shares of ETI Plc and GTB Plc followed with a turnover of 41.8 million shares in 501 deals.

Meanwhile, the Nigerian Stock Exchange is set to host the 2018 edition of its Exchange Traded Products (ETPs) conference tagged – Exchange Traded Products: Evolving investment themes, Accessing New Markets and Enhancing Portfolio Alpha.

The conference will address Investors, Fund Managers, Regulators, and Capital Market Intermediaries as well as current and prospective ETP issuers. It will feature presentations and panel discussions aimed at providing insights on opportunities for the creation of diversified investment vehicles (such as Structured Products, Exchange Traded Notes and Exchange Traded Funds) and the value proposition of this asset class to investors.



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