The Nigerian equities market shook off from last week’s bearish grip following rekindled interest for bargain hunting which may be predicated on the harmonised bill of the Asset Management Company of Nigeria, now before President Goodluck Jonathan.

Outlay on stocks increased 16.59% just executed deals and volumes rose by 1.76% and 11.14% respectively. Banking stocks which were investors’ favourites, appreciated by 1.47% even as they accounted for the lion share of Naira votes on the bourse.

Likewise, the NSE Food/Beverage Index rose by 1.84% on big advances from flour, and Flourmill, Cadbury while OANDO assisted the NSE Oil/Gas Index to 1.04% lift.

Meanwhile, banking stocks were the most active on the bourse as they accounted for 61% and 45% of the bourse’s transacted volumes and Naira votes. Investors scrambled for undervalued shares of pan African banking group, Ecobank Transnational Incorporated as 30.39% of total bids for them
were filled.

Having gained popularity since its over one billion Naira Q3 PAT forecast, shares of outdoor media services provider, Afromedia, were also hotly sought after as a paltry 4.39% of total bids for them were filled.

Source: Cowry Asset Management