Bargain Hunting To Continue In Good Fundamental Stocks

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The bullish momentum in the local bourse gained steam as sustained bargain hunting activities in blue-chip stocks pushed the All-Share Index above the 50,000

mark, gained 2.61 per cent week-on-week to close at 50,937.03 points, the highest level since March 2008. Similarly, market capitalisation rose by N699 billion W-o-W to close at N27.460 trillion.

Also, most the sector gauges closed in positive territory amid sustained buy pressure. Notably, The NGX Consumer Goods index, NGX Industrial Goods, and NGX-30 index increased by 7.21 per cent, 3.23 per cent, and 3.34 per cent respectively to close at 662.68 points, 2185.25 points, and 1,949.17 points respectively.

On the other side, Oando led the decliners table by 11.75 per cent to close at N5.56, per share. Trans-Nationwide Express followed with a loss of 9.88 per cent to close at 73 kobo, while AXA Mansard Insurance declined by 9.84 per cent to close at N2.20, per share.

 

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