Market rallies further by 0.43% as investors hunt for undervalued stocks

Nigeria’s equities market continued its positive momentum on Wednesday, rising by 0.43%, or N259 billion, as investors remain focused on undervalued stocks across key sectors.

The market has surged by 3.05% this month, with a weekly gain of 1.11%. The year-to-date return now stands at 34.38%.

Stocks such as MRS, Learn Africa, International Energy Insurance, Coronation Insurance, and Livestock Feeds were among the top performers, driving the market higher.

MRS led the charge, rising from N145.20 to N159.70, adding N14.50 or 9.99%. Learn Africa increased from N3.21 to N3.53, a gain of 32 kobo or 9.97%. International Energy Insurance climbed from N1.33 to N1.46, up 13 kobo or 9.77%. Coronation Insurance rose from N1.54 to N1.69, adding 15 kobo or 9.74%, while Livestock Feeds gained from N3.39 to N3.72, up 33 kobo or 9.73%.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) increased from the previous day’s low of 100,050.94 points to 100,477.46 points, while the total value of listed equities rose from N60.649 trillion to N60.908 trillion.

In 9,573 deals, investors exchanged 389,701,474 shares worth N9.199 billion. Stocks such as Sterling Financial Holdings Company, UBA, Fidelity Bank, Universal Insurance, and AIICO were among the most traded.