The Nigerian equities market sustained its upbeat performance on Tuesday trading session as the benchmark index, All Share Index (ASI) climbed 0.6 per cent to close at 32,827.98 points.
Consequently, investors gained N73.5 billion as market capitalisation rose to N11.3 trillion, thus further pushing YTD gain to 22.2 per cent.
Also, market activity improved as volume and value traded rose 20.2 per cent and 3.8 per cent to 218.8 million units and N 2.1 billion respectively.
The toast of the market was Dangote Cement’s and Nigerian Breweries’ stocks, having gained 0.6 and 0.8 per cent respectively as well as sustained interest in banking stocks, GTB, Zenith and Access.
Performance across sectors was positive as all indices trended northwards, with the Banking index advancing the most by two per cent.
Insurance index also went 0.6 per cent upward from gains in Continental Insurance Plc and Linkage Assurance Plcn, while the Industrial and Consumer Goods indices climbed 0.3 per cent and 0.2 per cent due to sustained interest in Dangote Cement Plc and Nigerian Breweries Plc.
At the end of trading on the Nigerian Stock Exchange (NSE), 24 stocks advanced while 19 stocks declined. Leading the gainers’ chart were Neimeth Pharmaceutical at 9.4 per cent, Vitafoam Plc at 5.4 per cent, and Okomu Oilpalm at five per cent.
On the other side, Union Bank of Nigerian, Presco, and Cadbury led the losers’ chart with 6.3 per cent, five per cent and 4.9 per cent respectively.
While the reduction in market breadth was suggestive of softer sentiment towards equities, analysts at Afrinvest expect investors to take position in value stocks in subsequent sessions in anticipation of positive half year corporate releases.