NGX Bullish Trend Returns as Investors Gain N259bn
The Nigerian Exchange recorded a gain of N259bn at the close of trading on Tuesday, as improved investor sentiment pushed the market capitalisation higher to N70.9tn.
A total of 622,635,197 shares exchanged hands in 17,044 deals at the end of the trading session, corresponding to a market value of N16.12bn. Tuesday’s total deals indicated a 20 per cent increase in volume and a 60 per cent improvement in turnover from the previous trading day.
The benchmark All-Share Index rose by 411.52 points, or 0.37 per cent, to close at 112,427.48. According to the weekly analysis, the index gained 0.74 per cent, with a 3.75 per cent increase over four weeks and a year-to-date return of 9.23 per cent.
A total of 128 listed equities participated in the day’s trading, resulting in 36 gainers and 32 losers. Skye Shelter Fund led the gainers with a 10 per cent rise in share price to close at N226.60 per share, followed by Honeywell Flour Mill and SCOA Nigeria, both gaining 10 per cent each to close at N22 and N5.39 per share, respectively. Industrial and medical gases also appreciated by 9.96 per cent to settle at N37.
On the losers’ chart, Conoil recorded the steepest decline, shedding 10 per cent to close at N268.30 per share.
Learn Africa followed with a 9.98 per cent loss, while Transcorp Hotels and Julius Berger Nigeria fell by 9.97 per cent and 9.94 per cent, respectively.
Fidelity Bank recorded the highest volume of traded shares at 108 million units, followed by Legend Internet with 61 million shares, United Bank for Africa with 55.7 million shares, and Guaranty Trust Holding with 41.2 million shares.
Sector performance also showed a broadly positive sentiment. The Banking Index advanced by 1.36 per cent, the Premium Index rose by 1.06 per cent, and the Consumer Goods Index climbed by 1.05 per cent. Also, the Industrial Index and the Insurance Index appreciated by 0.96 per cent and 0.93 per cent, respectively.
The Nigerian equities market commenced the week on a positive note, gaining N173bn in market capitalisation as investors showed renewed interest in select large and mid-cap stocks across key sectors.
