47 Stocks Advance as Market Sustains Gains

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  • 47 Stocks Advance as Market Sustains Gains

The Nigerian equities market recorded 47 gains on Tuesday as the Nigerian Stock Exchange sustained its positive drive to extend gains to the fourth consecutive session.

A total of 770.886 million shares valued at N7.893bn exchanged hands in 7,395 deals.

The NSE All-Share Index rose by 1.3 per cent to close at 40,362.97 basis points while the year-to-date return rose to 5.5 per cent.

Thus, investors’ holdings appreciated by N182.7bn as market capitalisation closed at N14.363tn from N14.181tn.

Tuesday’s performance, therefore, was driven by a broad-based rally across sectors, although Dangote Cement Plc, Zenith Bank Plc and Guaranty Trust Bank Plc were the main drivers as they appreciated by 1.4 per cent, 4.9 per cent and 2.2 per cent, accordingly.

Nonetheless, activity level was mixed as volume traded inched 27.5 per cent higher to 770.886 million units while value traded plummeted by 51.2 per cent to N7.893bn.

Sector performance was largely bullish as all indices, except the consumer goods index which shed 0.3 per cent following price depreciation in Nestle Nigeria Plc, closed on positive notes.

The banking index gained the most, rising by 2.3 per cent on the back of sustained interest in Zenith Bank, GTBank and Access Bank Plc.

The oil/gas index followed, rising by 1.2 per cent on account of appreciations in Conoil Plc and Mobil Oil Plc (11 Plc), which were up by five per cent and 0.8 per cent, respectively.

Likewise, the insurance and industrial goods indices rose by 0.7 per cent, piece as Wapic Insurance Plc, Linkage Assurance Plc and Dangote Cement Plc, gained respectively by 7.4 per cent, 2.6 per cent and 1.4 per cent.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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