The Nigerian Exchange Limited (NGX) halted its three-day losing streak to close in an upbeat yesterday as market capitalisation appreciated by N216 billion amid bargain hunting hunting in Guinness Nigeria Plc and 34 stocks.

The all-share index rose by 344.24 per cent, representing an increase of 0.32 per cent to close at 106,780.72 points.


Similarly, the overall market capitalisation value gained N216 billion to close at N66.869 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are Guinness Nigeria, Transnational Corporation (Transcorp), Africa Prudential, Dangote Sugar Refinery and First HoldCo.

On market outlook, Afrinvest Limited said that “We anticipate a sustained positive performance on the bourse, underpinned by improved investor sentiment as well as declining attraction in the fixed income market following the further yield correction at the last Treasury bills Primary Market Auction (PMA).”

Vetiva Dealings and Brokerage said: “After three straight sessions of declines, today’s green close was driven largely by bargain hunting rather than a broad shift in sentiment. Investors took advantage of beaten-down prices, but with elevated fixed income yields, upside momentum may remain limited.

“We expect a mixed session ahead, with pockets of buying interest in fundamentally strong stocks, while profit-taking on today’s gainers could keep the market choppy.”

As measured by market breadth, market sentiment was positive, as 35 stocks gained while 15 stocks lost. Transcorp and SCOA Nigeria recorded the highest price gain of 9.98 per cent to close at N51.80 kobo. SCOA Nigeria followed with a gain of 9.88 per cent to close at N3.78 kobo and Africa Prudential up by 9.87 per cent to close at N30.60 kobo.
https://guardian.ng/business-services/business/ngx-halts-three-day-loss-as-investors-gain-n216-billion/