The Nigerian equities market sustained its recent bullish trend on Tuesday, with the NGXASI appreciating by 0.46% to close at 159,951.08 points.
The improved performance of the local bourse was driven by gains across high-cap, medium to low cap stocks, particularly DANGCEM (4.27%), PRESCO (6.21%), GTCO (3.04%) among others.
As a result, investors wealth appreciated by N468.58 billion, raising the market capitalisation to N102.27 trillion.
The Nigerian Exchange Group (NGX) data on the day’s trading trend indicated that despite broad price appreciation across the local bourse, mild profit taking was observed in ACCESSCORP(-6.00%), ARADEL (-4.79%) ZENITHBANK (-0.15%) collectively accounting for 20.47% of total traded value.
- Advertisement -
At the close of the trading session, the market breadth softened, with 65 gainers compared to 21 losers, reducing the breadth ratio to 3.10x from 8.11x. Also, the UD ratio fell to 2.04 from 31.80, indicating a cooling of bullish sentiment. These signals suggest the market may be entering an accumulation phase.
The data further showed that sectoral market performance was bearish as three indices closed negatively while two closed in the green, while the Insurance index led the gainers’ chart by 3.81%, the Industrial goods index followed with a 2.68% driven by gains in DANGCEM, BETAGLAS, WAPCO among others.
Conversely, the Oil & Gas index dipped lowest by (-2.60%) following profit taking in ARADEL and OANDO; the Consumer Goods index followed by (-0.54%) decline weighed down by HONYFLOUR, INTBREW and PZ; while the Banking index also marginally declined based on losses in ACCESSCORP, UBA, ZENITHBANK, which outweighed the gain in GTCO.
