Bullish sentiments were sustained on Tuesday on the floor of the Nigerian Exchange Limited, NGX with the benchmark index gaining 0.36% or 188.04 basis points to settle at 52,419.33 basis points as against yesterday’s 52,231.29 basis points.
Likewise, the market capitalization rose 0.36% or ₦103 billion to close at ₦28,543 trillion when compared with Monday’s close of ₦28,440 trillion.
Tuesday’s gain in the Nigerian equities market is being attributed to investors’ interest in Tier-1 banking names ZENITH BANK PLC (+1.45%), GUARANTY TRUST HOLDING COMPANY PLC(+4.15%) and ACCESS HOLDINGS PLC (+1.50%) as well as buying interests in NIGERIAN BREWERIES PLC (+10.0%).
At the close of transactions, a total of 576.85 million units of shares valued at ₦6.79 billion were exchanged in 6,143 deals where UNITED BANK FOR AFRICA PLC was the most traded stock by volume at 94.31 million units of shares traded, while ZENITH BANK PLC was the most traded stock by value at ₦1.40 billion.
As measured by market breadth, market sentiment was positive as 26 advancing issues outnumbered 19 declining ones.
NIGERIAN BREWERIES PLC led the advancers by ₦3.20k or 9.97% to close at ₦35.30k per share from ₦32.10k per share. FTN COCOA PROCESSORS PLC followed with a rise from 0.31k per share to 0.34k per share by 0.03k or 9.68%. And SOVEREIGN TRUST INSURANCE PLC rose from 0.42k per share to 0.46k per share by 0.04k or 9.52%.
Conversely, CWG PLC fell from ₦1.87k per share to ₦1.69k per share by 0.18k or 9.63%. COURTEVILLE BUSINESS SOLUTIONS PLC was next with a drop from 0.46k per share to 0.43k per share by 0.03k or 6.52%. While ARDOVA PLC declined from ₦26.40k per share to ₦24.80k per share by ₦1.60k or 6.06%.
Sectoral performance was broadly positive, as the Insurance (+3.2%), Banking (+1.1%), Consumer Goods (+0.9%), and Industrial Goods (+0.1%) indices recorded gains. Conversely, the Oil & Gas (-0.7%) index closed in the red.
Confidence Okwuchi
