Renewed bargain hunting pushes index by 0.31 percent

The Nigerian equities market rebounded yesterday, occasioned by bargain-hunting in most blue-chip stocks, causing the All-Share Index (ASI), to advance by 0.31 per cent.

Precisely, the ASI rose by 80.55 absolute points, representing a growth of 0.31 per cent to close at 25,654.90 points. Similarly, the overall market capitalisation gained N43 billion to close at N13.408 trillion.

The upturn was impacted by gains recorded in large and medium capital stocks, including MTNN, Red Star Express, FBN Holdings (FBNH), Dangote Sugar Refinery, and Trans-Nationwide Express.

Analysts at Afrinvest Limited expect bargain-hunting to persist in the market.

Market sentiment, as measured by the market breadth, was negative, as nine stocks gained relative to 17 losers. Red Star Express recorded the highest price gain of 9.80 per cent to close at N3.25 per share.

Consolidated Hallmark Insurance followed with 9.68 per cent gain to close at 34 kobo, while Trans-Nationwide Express advanced 9.33 per cent to close at 82 kobo, per share.

Lasaco Assurance rose four per cent, to close at 26 kobo, and MTNN appreciated by 2.41 per cent to close at N123.00, per share.

On the other hand, Union Bank of Nigeria led the losers’ chart by 6.54 per cent to close at N5.00 per share.

Cornerstone Insurance followed with 6.25 per cent to close at 60 kobo per share. Linkage Assurance lost five per cent to close at 38 kobo per share.