After kicking off with mixed investor sentiment on Monday, the stock market closed slightly higher on Tuesday, with the All-Share Index NGXASI) closing at 109,730.47 points, up by 0.03% from the preceding day’s points.
Data released by the Nigerian Exchange Group (NGX) at the close of today’s trading session in the equities market indicated that among the notable gainers were NESTLE (+10.00%), TRIPPLEG (+10.00%), and UNILEVER (+9.30%).
According to the data, this mild uptick resulted in N20.51 billion increase in investor wealth, pushing total market capitalization to N68.97 trillion.
An analysis of the trading trend in terms of sectoral performance showed mixed outings, with three sectors advancing and two declining. The Consumer Goods sector led with a 2.50% gain, followed by the Insurance sector (+1.41%) and Industrial Goods (+0.03%). On the flip side, the Oil & Gas sector lost 2.88%, while the Banking sector shed 0.35%.
Despite its ongoing legal matter, FIDELITYBK topped the volume chart as its CEO acquired 18 million shares, though the stock share price declined by 5.65% followed by UBA with 36.40 million units traded, while ARADEL led the value chart with N2.55 billion in turnover, despite an 8.55% drop in share price.
The NGX data reflected that the NGXASI closed above key moving averages, 7-day (109,241.36), 20-day (107,615.26), and 50-day (106,251.92), sustaining a bullish trend.
However, despite the bullish momentum, the market breadth weakened to 0.97x from 2.00x the previous trading day, as 32 losers slightly outweighed 31 gainers.
This is even as the UD volume ratio of 0.88 and a low TRIN reading of 0.28 suggested that gains were concentrated in a few large-cap stocks, while broader market participation showed signs of fatigue.
Meanwhile, on the NASD market, the NASD Security Index (NSI) appreciated by 0.13% to close at 3,154.60 points, while the market capitalization similarly rose by 0.13% to settle at NGN1.85 trillion.
Despite the overall index gain, market activity plummeted, as the volume of traded securities fell sharply by 98.64% to 572,645 units, and the value of transactions declined by 97.11% to NGN6.08 million.
