Trading in the domestic equities market continued on bullish note as bargain hunting lifted indicators to new record highs. The Nigerian Stock Exchange All-Share Index rose 2.1 per cent, the highest daily gain since May 5, to close at 27,554.49. Thus, the year-to-date performance, which entered positive territory last Friday, improved to 2.7 per cent yesterday.
After seven months in the negative territory, the market last week recovered following increased demand for stocks by investors shifting from the fixed income market where yields are getting lower. “ We expect sentiment to remain positive in the coming week, supported by cheap valuations of equities and low yields in the fixed-income markets. However, we anticipate that profit-taking will puncture the current gaining streak,” they said.
However, Glaxosmithkline Consumer Nigeria Plc and Redstar Express Plc led the price gainers with 10 per cent apiece. NPF Microfinance Bank Plc trailed with 6.6 per cent, while African Prudential Plc and Neimeth International Pharmaceuticals Plc chalked up 9.4 per cent and 8.3 per cent in that order.
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