Local Stock Market Investors Record N14bn Gain

Investors at the Nigerian Exchanged (NGX) Limited recorded a N14 billion gain by the close of market activities, OduNews reports.

At intraday, the market was down due to selling pressure on some consumer goods and banking equities, especially Nigerian Breweries and Access Holdings.

However, when the closing gong was beaten by 2:30 pm, interests in energy shares led by Conoil, Oando and Ardova lifted the bourse and prevented what could have been the first loss of the week.

The energy counter appreciated by 1.12 per cent, the banking index rose by 0.12 per cent, and the industrial goods sector improved by 0.01 per cent, while the consumer goods and the insurance sectors went down by 0.73 per cent and 0.22 per cent, respectively.

Conoil jumped 10.00 per cent during the session to N48.40, Multiverse rose by 9.97 per cent to N3.75, John Holt increased by 9.77 per cent to N1.91, CWG appreciated by 9.66 per cent to N1.59, and Transcorp expanded by 9.50 per cent to N1.96.

On the flip side, Unity Bank suffered the heaviest loss on Tuesday as it shed 9.26 per cent to 49 Kobo, Japaul shrank by 8.82 per cent to 31 Kobo, Cutix dropped 8.80 per cent to N2.28, Nigerian Breweries slumped by 8.29 per cent to N32.10, and Academy Press dwindled by 5.71 per cent to N1.65.