Bargain hunting thrive as investors gain N67bn

Buying interest in MTNN (+0.7 per cent), Nigerian Breweries (+3.6%) and Zenith (+1.8%) ensured that market capitalisation increased by ₦67.0 billion to ₦13.5 trillion while Year to date performance improved to -3.9%.

The benchmark index rose 50bps to 25,783.02 points. Trading activities also surged as volume and value traded advanced 58.1% and 42.7% respectively to 414.2m units and ₦6.3bn.

The most traded stocks by volume were Sterling bank (85.2m units), FBNH (82.7m units) and Access (58.2m units) while MTNN (₦3.1bn), Guaranty Trust Bank (₦489.4m) and Zenith (₦480.2m) led by value.

Sector performance was impressive as all indices under review gained. The Oil and Gas index led the pack, up 2.0% following price appreciation in Seplat (+3.9%) and Mobil (+0.3%).

Trailing, the Consumer Goods and Insurance indices appreciated 1.4% and 1.1% respectively due to gains in Nigerian Breweries (+3.6%), International brewery (+9.1%), Cornerstone (+8.3%) and Prestige (+9.1%).

Also, buying interest in Zenith (+1.8%), GTB (+0.4%) and MTNN (+0.7%) buoyed performance in the Banking (0.7%) and AFR-ICT indices (0.4%).

Price accretion in WAPCO (+1.5%) pulled the Industrial Goods index 0.1percent higher.

The top gainers were Prestige (+9.1%), International Brewery (+9.1%) and Cornerstone (+8.3%) while ABC Transport (-9.1%), Royalex (-6.9%) and Eterna (-6.7%) lost the most.