Nigeria equities market started the new week with a positive performance, gaining 2.32percent.
Shares of Dangote Cement Plc and MTNN Plc were on demand in remote trading on the Nigerian Stock Exchange (NSE).
Dangote Cement Plc stocks rallied most from N117 to N121, adding N4 or 3.42 percent, followed by that of MTNN which rose from N95 to N98, adding N3 or 3.16percent.
“We believe that the current price level of most fundamentally sound stocks remain attractive for mid/long term investors, even though the impact of the Coronavirus pandemic pose a threat to any significant upside movement in the short term”, Lagos-based analysts at Vetiva Securities said in their April 14 note.
Despite the lingering impact of the Covid-19 on economic activities, market watchers believe that current price level of most fundamentally sound stocks remain attractive for existing and new investors to take position.
Hence they expect a continued bullish trend on Wednesday, though it could be moderate.
The market’s benchmark index (NSE ASI) reached new high of 21,879.95 points on Tuesday April 14 as against preceding trading day low of 21,384.03points. The market’s negative return year to date moderated to -18.49percent.
Also, the value of listed stocks increased by N258billion to N11.402trillion from preceding trading day low of N11.144trillion.
PZ Cussons led the losers league after its share price moved down from N4.4 to N4, losing 40kobo or 9.09percent.
In 5,310 deals, equity dealers exchanged 557,819,628 units valued at N2.617billion.
“We expect trading activities to remain on a positive note, as investors continue to lock in, at the current relatively low prices. Also, the positive developments in the oil market is expected to reduce the risk off sentiment of FPIs and local investors towards Nigerian equities”, said United Capital research analysts in their recent note.
Iheanyi Nwachukwu
