Gains on the share prices of 72 equities led to a bullish rally as the Nigerian Exchange Group Limited, NGX closed Tuesday’s trade positive.
The upward trend was driven by price appreciation in large and medium capitalised stocks amongst which are; FBN Holdings, Cadbury, Unilever among others.
At the end of day’s trading session the All-Share Index of listed equities at the Exchange which had on Monday crossed the 80,000 mark inched up by 2,863.26 basis points, representing a 3.56 per cent gain to close at 83,191.84 on Tuesday.
Also, the market capitalisation rose by N1.566 billion to close at N45.523 trillion.
This performance resonates analyst expectations as United Capital Plc stated that: “In January 2024, we expect the Bulls to prevail, as bargain hunting continues. Given the global developments across major central banks in advanced economies, high base expectations for inflation, and improved economic growth prospects, we expect the local bourse to record a positive performance this new week.
“Investors may continue to cherry-pick stocks with strong fundamentals, (value or growth). However, value stocks may be choice for dividend scouting investors, ahead of full year, 2023 earnings season. At different intervals, we expect mild sell-offs, albeit insignificant.”
The market sentiment as measured by market breadth was positive, as 72 stocks gained relative to 13 losers.
Cadury, FBNH, FTNCOCOA, Guineains, MBENEFIT, Unilever and Universal Insurance Plc emerged the highest price gainer of 10 per cent each to close at N18,15k, N28.60k, N2.20k, N0.44k, N0.77k, N18.15k and N0.33k.
Wema Bank and Zenith Bank followed with a gain of9.99 per cent to close at N8.92k and N47.35k while INTBREW made a 9.98 per cent profit on its share price to close at N5.29k.
On the other hand, Total led others on the decliners’ chart with 10 per cent drop on its share price to close at N346.50k. DAAR Communications followed with a loss of 9.40 per cent to close at N1.06k, while RTBRISCOE shed 8.45 per cent to close at N0.65k.
The total volume of traded equities for day stood at 1.40 billion that exchanged hands in 17, 144 deals.
Olusola Akintonde
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