Bulls Dominate Stock Market As Investors Gain N72bn

Stock investors at the Nigerian Exchange (NGX) Limited raked in N72 billion on Tuesday as the market went up by 0.24%, OduNews reports.

A sustained bargain-hunting contributed to the positive performance witnessed at the stock market yesterday.

As a result, the market capitalisation of the bourse rose from N29.683 trillion from N29.611 trillion, as the All-Share Index (ASI) grew by 131.64 points to 54,496.31 points from 54,364.67 points.

The positive momentum at the stock exchange on Tuesday was boosted by the consumer goods sector, which pressed down the loss posted by the financial services industry.

The consumer goods space rose by 0.41 per cent, while its cousin, the industrial goods counter, marginally went up by 0.04 per cent.

However, the banking segment depreciated by 0.53 per cent, as the insurance sector shrank by 0.23 per cent, with the energy counter closing flat.

BUA Foods topped the activity chart yesterday after it traded 50.0 million shares and was trailed by UBA, which transacted 25.7 million stocks. Access Holdings traded 11.4 million equities, Sterling Bank sold 8.3 million stocks, and CWG exchanged 6.0 million shares.

When the market closed for the session, a total of 177.9 million equities worth N5.7 billion exchanged hands in 3,617 deals compared with the 140.8 million equities worth N3.2 billion transacted in 3,553 deals on Monday, indicating an increase in the trading volume, value and the number of deals by 26.35 per cent, 78.13 per cent, and 1.80 per cent, respectively.

However, investor sentiment was weak yesterday due to negative market breadth. The bourse finished with 19 price losers and 17 price gainers.

Tripple Gee gained 9.49 per cent to N1.50, Courteville rose by 8.33 per cent to 52 Kobo, Chams grew by 7.41 per cent to 29 Kobo, Guinness Nigeria jumped 6.35 per cent to N67.00, and Prestige Assurance improved by 5.00 per cent to 42 Kobo.

Conversely, International Energy Insurance fell by 6.20 per cent to N1.21, Livestock Feeds deflated by 5.45 per cent to N1.04, Unity Bank declined by 3.77 per cent to 51 Kobo, Fidson Healthcare lost 3.75 per cent to sell for N9.50, and Transcorp shed 3.10 per cent to N1.25.