Conoil leads as stock market investors gain N131bn

The Nigerian Exchange Limited on Tuesday halted its bearish run as investors gained about N131bn on the back of gains in Conoil and JohnHolt’s share prices which rose by 9.93 per cent and 9.92 per cent, respectively.

For six consecutive days, the market had closed in the red zone, leading to a combined loss worth over N1.3tn.

However, at the close of Tuesday’s trading, the market capitalisation and All-Share Index had risen by 0.22 per cent to settle at N58.85tn and 97,123.61 points. This appreciation brings the year-to-date returns of the market cap to 29.89 per cent.

Trading activity was strong with increases in deals, volume, and value by 2.82 per cent, 194.37 per cent, and 79.64 per cent, respectively.

A total of 3,602.24 million shares were traded in 10,679 deals, amounting to N25.57bn. Banking and insurance stocks dominated the volume chart with Sovereign Insurance leading with 2.49 billion units of shares valued at N1.42bn across 12 transactions.

NEM Insurance followed with 563.77 million units worth N3.95bn, then United Bank for Africa saw 201.96 million units of its shares valued at N6.74bn.

Overall, 26 stocks advanced, while 21 declined.

Conoil gained 9.93 per cent to close trading at N208.10, Johnholt’s shares appreciated by 9.92 per cent to close at N3.99 and Eunisell rose by 9.87 per cent to N6.79.

On the losers’ chart was Oando, which dipped by 9.98 per cent to close at N72.65, Daar Communication lost 9.68 per cent to N0.56 and Regency Alliance Insurance shed 6.52 per cent to close the day’s trading at N0.43 each.

Sector performance was largely negative, as insurance fell by 1.33 per cent, consumer goods by 0.05 per cent, and industrial goods by 0.06 per cent. However, the banking and oil/gas sectors rose by 3.16 per cent and 1.55 per cent, respectively.

The number of stocks that saw some action on the floor of the NGX on Tuesday closed at 124.