Stock Market Gains N39BN as Investors Rush to Buy Low

Forex Market
  • Stock Market Gains N39BN as Investors Rush to Buy Low

Nigerian stock exchange market gained N39 billion on Thursday as investors jumped on stocks like Lafarge Africa Plc, Guinness Nigeria Plc, UAC of Nigeria Plc, etc. to take advantage of the low prices.

Market capitalisation climbed 0.33 percent from N11.819 trillion recorded on Wednesday to close at N11.858 trillion on Thursday.

Also, the Nigerian All-Share Index gained 105.77 points or 0.33 percent from 32,375.12 posted on Wednesday to 32,480.89.

Lafarge Africa topped gainers’ table, rising N2.05 to close at N22.75 a share.

Guinness followed closely with N2 to close at N88, while UAC of Nigeria climbed 90k to close at N11.10 a share.

Experts believe this is the time to buy for long-term investors as they argued that the market is currently undervalued due to the uncertainty surrounding the economy.

Analysts at United Capital Plc said: “We advise investors not to get derailed by the bearish outlook that has clearly characterised market performance since July 2018. We maintain that these temporary setbacks have typically been followed by recoveries.

“Hence, the crystallisation of the potential risks, especially in relation to pre-election uncertainties, presents an opportunity for investors with a medium to long-term horizon to hunt for bargains immediately the market bottoms out”, United Capital analysts stated.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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