Equity market sustains rally with N45bn gain
The Nigerian Stock Exchange sustained its bullish momentum on Tuesday, with investors pocketing a N45bn gain.
The index rose by 0.08 per cent to close at 96,873.74 and the market capitalisation rose to N55.65tn.
Despite the positive investors’ sentiment, the market breadth closed negative as 29 equities gained, while 30 equities saw declines in their share prices.
Investors traded 473.00 million shares valued at N10.41bn in 12,532 deals, representing a five per cent decline in volume, a six per cent drop in turnover, and a five per cent decrease in the number of deals compared to Monday’s trading session.
Leading the gainers’ chart were Industrial & Medical Gases, C&I Leasing, Guinea Insurance, and Eterna, which rose by 10 per cent.
On the flip side, RT Briscoe topped the losers’ list, dipping by a 10 per cent drop to N2.88 per share.
Abbey Mortgage Bank, Secure Electronic Technology, and McNichols also lost 9.96 per cent, 9.72 per cent, and 9.68 per cent, respectively.
In terms of trading volume, Access Holdings led the activity chart with 106 million shares traded, followed by Oando with 46.9 million shares, Prestige Assurance Company with 31.7 million shares, and United Bank for Africa with 20.2 million shares.
The market’s performance reflected cautious optimism among investors, with gains being tempered by profit-taking activities.
Despite the mixed outcomes, the sustained bullish trend suggests continued investor confidence in the market.
The market opened its first trading day of September with a N124bn gain, as the All-Share Index appreciated by 0.22 per cent to 96,793.95 points and market capitalisation closed at N55.60tn.
