Index rises by 0.6% amid bargain hunting ahead of more corporate actions

Anticipation of improved archetypal 4th (Q1) net person continued to trigger bargain hunting successful the equities assemblage of the Nigerian Exchange Limited (NGX)as the all-share scale (ASI) appreciated further by 0.6 per cent.

At the adjacent of transactions yesterday,the ASI gained 537.15 points, representing a summation of 0.55 per cent to adjacent astatine 98,762.78 points. Also, marketplace capitalisation roseate by N304 cardinal to adjacent astatine N55.857 trillion.

Analysts linked the show to bargain hunters positioning for bluechip companies arsenic profit-taking slows down amid rekindled buying involvement up of much scorecards arsenic investors picked bluish chips and dividend-paying stocks.

Consequently, the year-to-date instrumentality roseate to 32.08 per cent arsenic 29 stocks recorded terms appreciation portion 14 others constituted the losers’ chart.

Yesterday’s upturn was impacted by gains recorded successful mean and ample capitalised stocks, amongst which are; Presco, Conoil, Julius Berger, Dangote Sugar Refinery, Flourmills, GTCO, CAP and United Bank for Africa.

On what volition signifier the marketplace successful the adjacent trading session, analysts astatine Vetiva Dealings and Brokerage said: “In today’s (yesterday)session, the marketplace traded successful enactment with the latest net reports. We expect these net to thrust marketplace sentiment successful Friday’s session. That said, we expect the marketplace to commercialized with a affirmative tilt to adjacent retired the week.”

On the terms question chart, Presco Plc and Flour Mills Nigeria Plc led the gainers array with 10 per cent each to adjacent astatine N229.90 kobo and N33.55 kobo respectively.

Sterling Bank followed with a summation of 9.98 per cent to adjacent astatine N4.74 kobo. Dangote Sugar was up by 9.90 per cent to adjacent astatine N42.75 kobo. Fidson besides added 9.76 per cent to adjacent astatine N15.75 kobo.

On the contrary, National. Salt Company of Nigeria ( NASCON) recorded highest nonaccomplishment with a driblet of 9.99 per cent to adjacent astatine N47.30 kobo.while UPL trailed with a driblet of 9.29 per cent to adjacent astatine N2.05 kobo. Omatek dipped by 9.21 per cent to adjacent astatine 69 kobo, Neimeth International Pharmaceutical was down by 9.09 per cent to adjacent astatine N1.80 kobo. Cutix Plc besides fell by 7.74 per cent to adjacent astatine N2.86 kobo.

Total measurement traded accrued by 20.5 per cent to 665.199 cardinal units, valued astatine N5.541billion, and exchanged successful 8,446 deals.

Transactions successful the shares of Nigerian Breweries led the enactment with 30.58 cardinal shares worthy N786.304 million. Transnational Corporation (Transcorp) followed with relationship of 21.604 cardinal shares valued astatine N305.292 million, portion Access Holdings traded 19.53 cardinal shares valued astatine N342.039 million.

AIICO Insurance traded 10.259 cardinal shares worthy N10.291 million, portion Universal Insurance traded 9.620 cardinal shares worthy N3.299 million.