Investors Gain N163bn As Stock Market Hits One-week High

The market capitalisation of equities listed on the Nigerian Exchange Limited rose to N20.28tn on Tuesday, its highest level in one week.

The NGX All-Share Index increased by 0.81 per cent to close 313.27 basis points higher at 38,917.99bps, compared to Monday. The market added N163.22bn in value at the end of trading on the floor of the NGX.

Market breadth remained negative as 12 equities increased in price as against 26 companies that saw their share prices fall.

Wema Bank Plc led the positive chart with a 5.95 per cent rise in its share price to N0.89 on Tuesday. UPDC Plc followed closely with its 5.93 per cent gain, closing the day at N1.25 per share.

The other top gainers were Airtel Africa Plc with an increase of 5.69 per cent; Courtville Business Solutions Plc, rising by 4.17 per cent; and Cutix Plc, gaining 3.95 per cent at the close of trading.

On the losers’ table, an agro-industrial firm, FTN Cocoa Processors, dropped the most, with 8.16 per cent of its price erased at the end of trading to close at N0.45 per share.

Honeywell Flour Mills Plc came next with a 7.78 per cent decline in share price to N1.54. Mutual Benefits Assurance Plc (-5.13 per cent), Transnational Corporation of Nigeria Plc (-5.10 per cent), and Neimeth International Pharmaceuticals Plc (-5.06 per cent) were the third, fourth and fifth-highest losers on Tuesday respectively.

“The Lagos equities market closed trading activities today, on a positive note as the bourse extended its bullish run with both NGX-ASI and market capitalization edging higher,” said analysts at Atlas Portfolios Limited.

They added, “Meanwhile, corporate earnings results continue to drive sentiments on the bourse, as positive price movement in Wema, Courtville, UPDC, MTNN, Airtel, Unity Bank Plc, Guinness Nigeria Plc, Fidelity Bank Plc, Cutix, AXA Mansard Insurance Plc, Unilever Nigeria Plc, and Nigerian Aviation Handling Company Plc ensured the NGX did not close in the red.”