Nigeria Stocks Rally 0.07% Amidst Bargain-Hunting in 21 Stocks

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Employees work on the trading floor at the Nigerian Stock Exchange (NSE) in Lagos, Nigeria, on Monday, Oct. 26, 2015. Nigeria plans to create a $25 billion fund with public and private financing to modernize infrastructure and avoid a recession, Vice President Yemi Osinbajo said. Photographer: George Osodi/Bloomberg via Getty Images

The Nigeria equity market sustained the previous week’s rally to six consecutive sessions amidst investors bargain hunting in 21 stocks. As such, the All-Share Index rose by 35.48 basis points representing a 0.07 percent growth, closed at 47,545.86. While the Market Capitalization gained ₦19.13Bn, representing an uptrend of 0.07 percent to close at ₦25.63 trillion.

→ However, the market activities were mixed, as the Total Volume dipped by 5.12 percent while the Total Value rose by 76.69 percent. Approximately 365.45 million units valued at ₦7.11 billion were transacted in 5,790 Deals. FIDELTYBK emerged as the most traded stock in terms of volume, accounting for 9.31 percent of the total volume of trades, followed closely by ACCESSCORP (6.61%), MTNN (6.11%), OMATEK (4.94%), and RTBRISCOE (4.16%) to complete the top five on the volume chart. While MTNN appeared as the most traded stock in value terms, with 66.43 percent of the total value of trades on the exchange

→ MEYER topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by GUINNESS (6.86%), UNILEVER (4.51%), STANBIC (3.42%), FBNH (3.02%), UCAP (2.64%), HONYFLOUR (1.37%), ACCESSCORP (0.98%) and thirteen (13) others. Conversely, thirty-one (31) stocks depreciated, led by ACADEMY with a price decline of 9.72 percent to close at ₦1.30, as JAPAULGOLD (-9.09%), FCMB (-5.00%), PZ (-3.09%), UBA (-2.44%), NB (-1.67%), LIVESTOCK (-1.14%), WEMABANK (-0.95%), ZENITHBANK (-0.60%), ETI (-0.42%) and WAPCO (-0.22%) also dipped in price. In that regard, the market breadth was negative, recording 21 gainers and 31 losers.

→ Subsequently, sectoral performance was negative, as four of the five major sectors closed bearishly compared to the previous session, namely Banking (-0.31%), Insurance (-0.09%), Oil & Gas (-0.02%), and Industrial Goods (-0.01%). While the Consumer Goods sector spiked by 0.26 percent.