The Nigerian Stock Exchange (NSE), All Share Index looks to be rebounding after it gained 4.13% to 23,383.72 in early trading today.
This is set up as a dramatic recovery after a consistent 2-week decline amid bargain hunters taking positions in the market, traders said.
According to Reuters, traders said some investors consider the market oversold and its current level attractive for re-entering the market.
“Value stocks are getting more attractive with prices at ridiculously low levels,” United Capital said in a research note on Wednesday.
Some of the gainers so far include;
NESTLE opened at N675.1 and is currently trading at N708.85 gaining N33.75
NB opened at N94.65 and is currently trading at N99.9 gaining N5.25
DANGCEM opened at N123.51 and is currently trading at N128.5 gaining N4.99
A total of 2320 has been done so far as at 12.47PM.
The index finally closed with a 3.91% gain.