Bargain hunters spur Nigeria’s stock market rally

Buyer pressure in the consumer goods and industrial sectors helped Nigeria’s main stock market to maintain its rise.

The NGX All-Share Index gained 0.05 percent to close at 104,056 index point 21 index points, up from a 0.5 percent gain to close at 104,007.31 index points the day before.

Remarkably, higher yields on fixed-income assets have not deterred investors from buying equities, even after monetary authorities raised the benchmark interest rate by as much as 400 basis points in February.

The NGX All Share Index has achieved a 39.16 percent year-to-date growth, with a gain of N27.74 billion recorded in the NGX market valuation.

Regarding activity levels, the total volume dropped by 30% to 226 million units valued at N7.4 billion. Without negative catalysts, the market expects sentiment trading to mirror the previous week. Purchasing high-quality stocks with solid fundamentals is advised for investors. Recent price movements indicate that investors will likely continue to look for deals due to strong corporate actions and fundamentals.

Because of strong buying pressure in the consumer and industrial goods sectors, the local stock exchange closed today’s trading session higher. The market breadth index was negative because there were 18 winners and 22 losers.

ROYALEX PLC (+9.72 percent) led today’s gainers, while INTENEGINS PLC (-10 percent) was the biggest loser. Other high achievers are UNILEVER PLC (+9.59 percent), while SUNUASSURANCE PLC (-9.93 percent) is among the lowest