Bargain hunting spurs Nigerian equity market to third consecutive gains

Nigerian Stock Exchanging in trading session

The Nigerian stock market recorded its third consecutive gains on Monday on the back of bargain hunting as companies come to reel out their third quarter financial statements.

The equity market appreciated 37 basis points as the All Share Index (ASI) rose by 121.13 absolute points to 32,962.82 points, with the market breadth closing at par as 17 gainers and 17 losers emerging at the end of the day’s trading session.

The Market Capitalization increased by N44.22 billion, representing a growth of 0.37 per cent, closing at N12.03 trillion.

Medium and large stocks catalyzed the upturn the bourse recorded with Unilever leading the pack with 8.20 per cent gains, Seplat (4.86 per cent), Zenith Bank (4.80 per cent), Oando (2.88 per cent), Diamond Bank (2.50 per cent), etc.

WAPCO and Neimeth jointly topped the losers table, shedding -10 per cent.

Investors exchanged 257,919,119 stocks worth N4.95 billion in 3,178 deals with GTBank emerging the most active stock in terms of volume and value, trading 74.19 million stock valued at N2.71 billion.