Some stock investors bargain hunting has lifted trading on the Nigerian Stock Exchange market platform with Dangote Cement leading the price gainers’ chart. Bargain hunting is the act of shopping for items sold at a cheaper rate, especially at discounted prices. Bargain hunting by stock investors periodically is always a headline for a lot of news articles after a general market decline. Bargain hunting implies that a stock is worth less than it should be and is therefore undervalued.
Being able to pick undervalued stocks is called value-investing would be quite a talent but is there really such a thing as an undervalued stock. News Agency of Nigeria (NAN) reports that Dangote Cement recorded the highest price gain with N6 to close at N206 per share. The Nigerian Breweries came second with 40k to close at N88.60, while FBN Holdings appreciated by 15k to close at N9.25 per share, while Zenith International Bank grew by 10k to close at N22.55, while Fidelity Bank gained 6k to close at N1.87 per share.
All-Share Index inched by 227.28 points or 0.70 percent to close at 32,664.63 against 32,437.35 recorded on Nigerian Stock Exchange Market
In the same vein, the Nigerian Stock Exchange market capitalization, which opened at N11.842 trillion, inched by N83 billion or 0.70 percent to close at N11.925 trillion. NASCON topped the price losers’ table, declining by N1.40 to close at N18.50 per share on the other hand. Ecobank Transnational trailed with a loss of 45k to close at N17, while Vitafoam lost 35k to close at N3.15 per share.
Dangote Sugar Refinery depreciated by 30k to close at N14.70, while C & I Leasing was down by 29k to close at N2.71 per share. However, the volume of shares traded closed lower at investors exchanged 173.63 million shares valued at N3.66 billion in 2,974 deals. The bargain hunting is in contrast to the 240.76 million shares worth N3.66 billion traded in 2,974 deals on Wednesday.
Guaranty Trust Bank was the most active stock with 54.811 million shares valued at N2.02 billion. Zenith Bank followed with 37.17 million shares worth N842.99 million, while FBN Holdings traded 10.99 million shares valued at N100.03 million. United Bank for Africa exchanged 10.99 million shares worth N87.80 million, while Ecobank Transnational sold a total of 10.65 million shares valued at N181.09 million. Source