Nigeria’s equities market posted a modest gain on Tuesday as investor demand for selected value stocks like Unilever Nigeria Plc and Abbey Mortgage Bank pushed the benchmark index higher.
The Nigerian Exchange Limited (NGX) All-Share Index advanced by 0.03 percent to close at 104560.02 points from 104529.62 points recorded in the previous session.
The market capitalisation rose by N19 billion to settle at N65.704 trillion from N65.685 trillion.
Trading activity was relatively strong with investors executing 13228 deals involving 368769054 shares valued at N10.871 billion.
Notable trades were seen in Fidelity Bank Access Holdings, Zenith Bank, UBA and FCMB Group as they dominated the volume and value charts.
Top gainers in the session included Abbey Mortgage Bank, which appreciated by 67 kobo or 9.94 percent to close at N7.41 from N6.74.
Unilever Nigeria Plc also attracted significant interest, rising by N3.35 or 9.65 percent to close at N38.05 from N34.70.
Other stocks that gained included Learn Africa, which moved from N3.00 to N3.25, adding 25 kobo or 8.33 percent and Consolidated Hallmark Holdings, which increased by 20 kobo or 7.27 percent to close at N2.95 from N2.75.
The slight upward movement in the broader market was largely driven by bargain hunting in fundamentally sound counters as investors continue to seek value amidst macroeconomic uncertainties.
Analysts expect cautious optimism to persist in the near term with attention focused on earnings reports, sector-specific developments and macroeconomic indicators that could shape sentiment further.
