Trading in the Nigerian Exchange sustained positive sentiment on Tuesday as the NGXASI appreciated by 0.20%, closing at 98,892.58 points.
Data from the capital market’s supervisory authority, the Nigerian Exchange Group (NGX) on the day’s trading session indicated that the growth was driven by share price appreciation in the financial services sector and large-cap stocks such as UBA (+1.89%), OANDO (+2.00%), TRANSCOHOT (+9.28%), and ZENITHBANK (+0.13%), among others.
As expected, the market capitalization gained NGN 119.9 billion, settling at NGN 59.9 trillion while market breadth also remained positive at 1.53x, with 23 advancers outpacing 15 decliners.
The technical indicators of the day’s trading reflected a robust and bullish market with the 14-day RSI standing at 62.48, indicating that the market is approaching overbought territory.
Similarly, the capital market’s Upside/Downside (UD) ratio improved to 10.98, up from 7.30 recorded on Monday trading session, highlighting strong buying pressure during today’s trading.
An analysis of the traded stocks volume showed that CHAMPION accounted for 43.19% of the total volume traded, underscoring that the gains for advancing stocks significantly outpaced the losses for decliners.
Also, trading activity in the local bourse on Tuesday was mixed, as total volume in the market appreciated by 45.92%, reaching 591 million units, while total value traded declined by 9.88%, settling at NGN 24.8 billion.
While CHAMPION topped the volume traded for the day, accounting for 43.19% of the total volume, SEPLAT led in value traded, representing 78.40% of the total value at NGN 19.4 billion.
On sectoral performance, the Insurance sector led the gainers, growing by 1.22% due to gains in WAPIC (+9.09%) and AIICO (+2.56%), followed by Banking Index, which appreciated by 0.91%, driven by buy interest in UBA (+1.89%), ZENITHBANK (+0.13%), GTCO (+2.94%), and FBNH (+0.77%).
Conversely, the Oil & Gas, Consumer Goods, and Industrial Goods sector indices dipped by 0.31%, 0.70%, and 0.001%, respectively at the end of today’s trading session.
