Stock market recorded 0.21 percent growth on bargain hunting last week.
The Nigerian Stock Exchange (NSE) All-Share Index (ASI) two weeks ago experienced loss by 1.6 percent following sell-offs in some bellwether stocks. However, the negative performance has reversed last week as bargain hunting in some of those bellwether stocks led to a positive close.
Specifically, the NSE All-Share Index and market capitalisation increased by 0.21 to close the week at 40,928.70 and N14.784 trillion respectively.
In the same vein, all other indices finished higher with the exception NSE CG, NSE-Main Board, NSE 30, NSE Banking, NSE Insurance, NSE Consumer Goods and NSE Pension indices that depreciated by 1.04 percent, 0.23 percent, 0.44 percent, 2.22 percent , 0.76 percent, 0.69 percent and 0.33 percent respectively while the NSE Alternative Securities’ Market (ASeM) Index closed flat. The performance this week was majorly driven by gains in Dangote Cement Plc, Nigerian Breweries and Seplat Petroleum Development Company Plc.
“Still-strengthening macroeconomic fundamentals and declining fixed income yields continue to strengthen our medium-to-long-term outlook for Nigerian risky assets, while relatively lower prices of value stocks buoy likelihood of bargain hunting in the short term,” an analyst at Cordros Capital said.
