Nigeria stock market on Wednesday April 22 recovered part of the losses seen the preceding trading day.
Thanks to bargain hunting on equities like Lafarge Africa, Zenith Bank, BUA Cement GTBank and PZ Cussons that contributed majorly to about N80billion gain in market cap.
The stock market of Africa’s largest economy was able to book the gain despite that the effect of Coronavirus pandemic and the declining crude oil price continue to pose threat to other global markets.
Lafarge Africa Plc recorded the highest gains on the Bourse after its share price moved from day open low of N10.35 to N11.35, adding N1 or 9.66percent.
Zenith Bank Plc also increased from N13.05 to N13.75, adding 70kobo or 5.36 percent while BUA Cement Plc increased from N34.55 to N34.85, adding 30kobo or 0.87percent.
Given that most fundamentally sound stocks are currently trading below their fair value, analysts expect investors to continue to take advantage of low pricing.
Guinness Nigeria Plc dipped most from N20.3 to N19 losing N1.3 or 6.40percent. In 3,446 deals, equity dealers exchanged 186,229,966 units valued at N1.852billion. Zenith Bank, FBN Holdings, GTBank, and UBA were actively traded stocks on Wednesday April 22.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 0.66percent to 22,780.30 points from 22,629.92 points, while the value of listed stocks increased by N80billion to N11.872trillion, from N11.793trillion the preceding trading day.
The market year to date negative return decreased to -15.13percent. Month to date positive return stood at +6.95percent.