Despite opening on a bearish note on Monday, trading on the Nigerian equities market rebounded on Tuesday, with the NGX All-Share Index (NGXASI) closing on a positive note, rising by 0.46% to settle at 108,762.61 points.
Available data from the Nigerian Exchange Group, the supervisory group of the market, the local bourse’s upward movement was driven by notable gains in some blue chip stocks such as OANDO (+10.00%), TRANSCORP (+9.99%), BETAGLAS (+9.96%), and NB (+9.47%), among others.
Consequently, investors’ wealth increased by N314.95 billion, lifting the overall market capitalization to N68.35 trillion.
Also, trading activity in the exchange also strengthened, with the volume of shares traded rising by 20.24% and the value increasing by 0.61%.
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The equities market’s dada also reflected that a total of 498.48 million units were exchanged for N10.78 billion in 14,916 deals.
All sectors at the end of the trading session closed in the green with the Insurance index leading with a 0.88% gain sequel to gains in AFRIPRUD 3.66%, AIICO 3.12%, CORNERST 3.28% among others while the Oil and Gas index followed with a 0.83% uptick despite losses in ETERNA (-2.27%), JAPAULGOLD (-1.48%) as gain in OANDO 10.00% helped offset the losses.
According to the NGX data, the Banking Index recorded a 0.20% appreciation on the back of gains in FCMB 2.69%, FIDELITYBK 7.14%, GTCO 0.07%, STERLINGNG 5.26% and WEMABANK 3.94% just as the Industrial Goods index gained 0.13% as gains in BETAGLAS 9.96%, CUTIX 2.36%, MEYER 9.66%. The Consumer Goods index recorded the lowest appreciation of 0.06% as gains in CADBURY 2.56%, CHAMPION 8.61%, INTBREW 1.10%, NB 9.47%, offsets losses in DANGSUGAR (-1.03%), HONYFLOUR (-1.06%), MCNICHOLS (-4.76%), UNIONDICON (-2.61%).
When compared with the preceding day’s trading value, the market breadth on Tuesday closed up at 1.67x from yesterday’s 1.50x as evidenced by 40 advancing stocks outpacing 24 decliners. The UD ratio measuring volume intensity was bullish at 2.38, underscoring the rather skewed positive momentum on stocks traded today.
On the traded volume’s chart, TANTALIZER led the chart for the third consecutive session, reflecting sustained investor interest in the stock while GTCO led the value chart exchanging N2.19 billion with a 0.07% price appreciation to close at N69.05.
