Nigeria's stock market rises on bargain hunting, seen continue

Nigeria's stock index rallied for the second consecutive day, driven by bargain hunting and gains mainly in banking and sugar firm stocks.

The all-share index rose 1.03 percent to close the day at 42,604 points. The market had also rallied the previous day on the back of bargain hunters activities.

Shares in First Bank Holdings gained 8.2 percent, followed by Dangote Sugar with 4.8 percent gain, United Bank for Africa (UBA) also rallied by 4.2 percent, Access Bank was up 2.3 percent, while Guaranty Trust Bank (GTB) gained 1.97 percent to lead the pack.

Also, the market capitalisation appreciated by 1.03 percent to close the day at 15.29 trillion, compared with the appreciation of 1.11 percent posted the previous day.

The three most actively traded stocks were Multiverse with a turnover of 87.10 million naira followed by Skye Bank with 65.57 million naira and Access Bank with a turnover of 59.03 million naira. 

Traders said the trend in the market is likely to continue till the end of the week, as investors continue to take positions in undervalued stocks.