Stock market extends rally by 0.53%

For the second time this week, Nigeria’s equities market increased on Tuesday by 0.53 percent as investors bought shares of Dangote Sugar Refinery, Nascon, PZ Cussons and Transcorp.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased further to 98,383.04 points and N55.653 trillion respectively as against preceding day’s lows of 97,863.34 points and N55.359 trillion.

Dangote Sugar rose most, from N39 to N42.90, adding N3.90 or 10 percent. It was followed by that of Nascon which increased from N33.90 to N37.25 adding N3.35 or 9.88 percent.

Morison also increased from N4.05 to N4.45, up by 40kobo or 9.88 percent, PZ Cussons rose from N19.80 to N21.70, up by N1.90 or 9.60 percent, while Transcorp increased from preceding trading day’s low of N10.50 to N11.40, up by 90kobo or 8.57 percent.

The market’s year-to-date return rose to 31.57 percent. In 7,990 deals, investors exchanged 559,608,966 shares worth N6.584billion.

“The market has traded in line with our expectations this week as bargain hunting remains the overarching theme; that said, we expect to see a subdued session with a negative tilt while market participants look out for attractive offers in the market,” according to Lagos-based Vetiva Research analysts.