Quoted equities maintained upward trajectory on Thursday, March 10, as investors turned to worse-hit stocks for bargain-hunting.
Two stocks- Oando Plc and Tiger Branded Consumer Goods (TBCG) Plc, which had suffered some of the sharpest plunge, have been at the centre of recent rally as investors sought to take advantage of the undervaluation of the stocks.
Key indices at the Nigerian Stock Exchange (NSE) showed continuing bargain-hunting across the large, mid and small cap stocks, but there appeared to be a focus on small-cap stocks with dividend-paying history and potential for capital appreciation.
With 19 gainers to 15 losers, there was also a slowdown in the momentum of the rally, raising the possibility of profit-taking activities in the next few trading sessions ahead. Aggregate market value of all quoted equities rose by N13 billion to close at N8.917 trillion as against its opening value of N8.904 trillion.
The modest rally further reduced the negative overhang at the stock market as the average year-to-date return improved to -9.49 per cent.
Cross sectoral analysis showed continuing positive sentiments across stock groups and sectors. The NSE Oil and Gas Index indicated a gain of 0.72 per cent. The NSE Industrial Goods Index and the NSE Insurance Index inched up by 0.2 per cent each. The NSE Banking Index appreciated by 0.04 per cent. However, the NSE Consumer Goods Index dropped by 0.5 per cent.
