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.
Also Read: NDIC Distributes N16.18 Billion in Liquidation Dividends to Stakeholders of Defunct Banks
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.