Categories: Business

Bullish sentiments dominate stock market as investors earn N48.3bn

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3 years ago

Equities trading at the Nigerian Exchange Limited (NGX) on Tuesday was positive as the benchmark index closed 0.19 per cent stronger to settle at 46,777.37 basis points.

Bullish sentiments resurfaced in the domestic bourse, as bargain hunting in Tier-1 banking drove the benchmark index higher.

Specifically, Zenith Bank, Guaranty Trust Holding Company, Access Holdings and United Bank for Africa pushed their weight behind the overall bullish trade as their respective shares appreciated by 3.4 per cent, 2.5 per cent, 2.5 per cent, 1.6 per cent and 1.3 per cent.

Consequently, the Month-to-Date loss of the All Share Index (ASI) moderated to -0.4 per cent, while the Year-to-Date return increased to +9.5 per cent.

Equities investors, therefore gained N48.3 billion as the market capitalisation closed the day at N25.22 trillion.

Market breadth, however, closed negative with declining issues outnumbering advancing ones. NPF Microfinance Bank led 19 others on the laggard’s table having depreciated by 9.64 per cent, while Meyer topped 17 others on the gainer’s log after its share price appreciated by 8.86 per cent.

Performance across sectors was mixed, as the Banking and Oil & Gas indices advanced by 1.7 per cent and 1.4 per cent respectively, while the Insurance, Consumer Goods, and Industrial Goods indices declined by 0.9 per cent, 0.3 per CNET and 0.1 per cent respectively.

Analysis of market activities for the day showed trade turnover settled higher relative to the previous session, with the value of transactions advancing by 21.32 per cent.

A total of 257.41 million shares valued at N2.34 billion were exchanged in 4,410 deals. Fidelity Bank led the volume chart with 67.43 million units traded, while Guaranty Trust Holding Company led the value chart in deals worth N341.23 million.

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