The Nigerian Exchange Limited ended a week-long bearish streak on Tuesday, closing the market with a gain of N213 billion for investors.
The All-Share Index and Market Capitalization both surged by 0.59% to 66,770.97 basis points and N36.544 trillion, respectively. This resurgence boosted year-to-date returns to an impressive 30.28%.
Trading activity saw a significant uptick, with the number of deals and volume of shares traded rising by 17.59% and 24.37%, respectively, to 7,537 deals and 364.32 million shares.
However, the total trade value decreased by 15.02% to N3.85 billion.
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Market sentiments at the close of trading revealed 24 gainers against 28 losers. Leading the gainers was BUA Cement with a gain of 9.94% to close at N94 per share.
This surge followed the company’s recent announcement of a reduction in cement prices to N3,500 per bag, a move that buoyed investor confidence.
Betaglas and FTN Cocoa followed closely, recording gains of 9.93% to close at N66.95 and N1.66 per unit, respectively. Oando and UAC Nigeria also joined the winners’ circle, with share price increases of 9.55% and 8.50%, closing at N8.60 and N10.85 per unit, respectively.
On the flip side, Linkage Assurance topped the losers’ chart with a 10% decline, closing at N0.72. Computer Warehouse Group followed suit, losing 9.94% to close at N7.79.
Red Star Express, Tantalizer, and Cadbury also saw declines of 9.86%, 9.38%, and 6.83%, respectively.
The market’s resurgence, led by BUA Cement and others, has injected optimism into the Nigerian Stock Exchange, providing a glimmer of hope for investors amid recent bearish trends.
As the market continues to evolve, investors eagerly await further developments that could shape their investment strategies in the coming days.
