New Telegraph

Bargain Hunting Returns Benchmark Index To Green

Bullish sentiments resurfaced in the domestic stock market yesterday, driven by bargain hunting in ZENITHBANK (+8.8%) and GTCO (+5.7%) stocks. As a result, the AllShare Index notched a 0.3 per cent gain to close at 104,283.64 points, with the MTD and YTD gains printing +4.3 per cent and +39.5 per cent, respectively.

The total trading volume advanced by 33.5 percent to 499.71 million units, valued at N12.41 billion, and exchanged in 10,260 deals. ACCESSCORP was the most traded stock by volume at 83.60 million, while GTCO was the most traded stock by value at N2.52 billion. Sectoral performance was mixed, as the Banking (+3.0%), Insurance (+0.1%) and Industrial Goods (+0.1%) indices gained while the Oil & Gas index was unchanged.

The Consumer Goods (-0.1%) index was the sole loser of the day. As measured by market breadth, market sentiment was positive (1.3x), as 26 tickers gained relative to 20 losers. CWG (+10.0%) and FTNCOCOA (+9.9%) recorded the most significant gains of the day, while NNFM (-10.0%) and PRESTIGE (-9.7%) topped the losers’ list.

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