Bargain hunting persists as 18 stocks lift indices higher by N139b

Following sustained bargain hunting in many blue-chip stocks, especially Okomuoil and MTN Nigeria, the Nigerian Exchange Limited (NGX) recorded the fifth consecutive session of gain yesterday, as market capitalisation appreciated further by N139 billion.

Precisely, the All-Share Index inched higher by 257.24 absolute points, representing an increase of 0.50 per cent to close at 51,962.85 points, while the overall market capitalisation value gained N139 billion to close at N28.014 trillion.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Okomu Oil, MTN Nigeria Communications (MTNN), Stanbic IBTC Holdings, Ecobank Transnational Incorporated (ETI) and FBN Holdings (FBNH).

Analysts at United Capital Plc expected the bargain hunting that trailed the market rebound from last week to be extended into this week as investors look forward to the first half (H1), 2022 earnings season.”

Vetiva Dealing and Brokerage firm said: “Attractive entry points fueled today’s positive market performance and we expect another similar trading session tomorrow amid cherry-picking activities.”

Market sentiment, as measured by market breadth, closed positive as 18 stocks gained, while 16 others declined.

ETI recorded the highest price gain of 9.79 per cent to close at N10.65 kobo. John Holt followed with a gain 9.52 per cent to close at 69 kobo, while Linkage Assurance appreciated by 9.43 per cent to close at 58 kobo per share.

Okomu Oil rose by 8.53 per cent to close at N210 while Cornerstone Insurance appreciated by 6.45 per cent to close at 66 kobo. International Breweries added five per cent to close at N6.30 kobo

NEM Insurance appreciated by 4.40 per cent to close at N3.80 kobo. Oando gained 3.15 per cent to close at N5.90 kobo. FBN holdings garnered 3.32 per cent to close at N10.90 kobo. Stanbic IBTC also added 3.23 per cent to close at N33.55 kobo.

On the other hand, PZ Cussons Nigeria led the losers’ chart by 10 per cent to close at N11.25. Eterna followed with a decline of 9.33 per cent to close at N6.80 kobo. R.T. Briscoe Nigeria depreciated by 6.25 per cent to close at 45 kobo.

Ardova declined by 5.09 per cent to close at N13.05, while Nigerian Breweries depreciated by 3.42 per cent to close at N57.95, per share.

Meanwhile, the total volume of trades rose by 70.75 per cent to 266.514 million units, valued at N2.602 billion, and exchanged in 5,050 deals. Transactions in the shares of Living Trust Mortgage Bank topped the activity chart with 64.658 million shares valued at N77.590 million.

Transnational Corporation of Nigeria (Transcorp) followed with 31.799 million shares worth N39.662 million, while Access Holdings traded 29.268 million shares valued at N275.165 million.

Oando traded 27.725 million shares valued at N162.414 million, while United Bank for Africa (UBA) transacted 20.609 million shares worth N152.752 million.