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BUSINESS DAY NG
As many stocks approached attractive re-entry points, the buy-side interest at the Nigerian Exchange Limited (NGX) surged remarkably on Monday.
After recent underperformance at the Lagos Bourse, investors are now focusing on stocks with strong fundamentals particularly those that those with favourable corporate actions and strong earnings reports.
Last week, Nigeria’s stocks lost about N532billion as sustained sell pressure kept activities at the local bourse subdued.
At the close of trading on Monday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation which started the week at 104,962.96 point and N65.819trillion respectively to 105,551.39 points and N66.188trillion.
Livestock Feeds rallied the most, from N8.41 to N9.24, adding 83kobo or 9.87percent. Abbey Mortgage Bank share price also rose from N3.60 to N3.95, adding 35kobo or 9.72percent, while Sunu Assurances increased from N4.99 to N5.45, adding 46kobo or 9.22 percent.
In 13,314 deals, investors exchanged 440,519,513 shares worth N10.470billion. Zenith Bank, FCMB Group, UBA, Access Holdings and Fidelity Bank shares were actively traded.
In their expectation for this week, Futureview Research analysts said, “The market is poised for a positive trend, driven by renewed investor interest in undervalued stocks…