Business

Equities market remains bullish as investors stake N6.8bn

Equities trading at the Nigerian Exchange Limited (NGX) on Tuesday was impressive to extend previous day’s bullish run as the benchmark index gained 0.36 per cent to settle at 52,419.33 basis points.

Specifically, gains in Tier-1 banking names- Zenith Bank, Guaranty Trust Holding Company and Access Holding were the main drivers of the market’s overall performance as these financial stocks appreciated by 1.45 per cent, 4.15 per cent and 1.50 per cent.

Accordingly, the Month-to-Date return closed flat while the Year-to-Date gain increased to +2.3 per cent.

As measured by market breadth, market sentiment was positive as 26 tickers gained relative to 19 losers. Nigerian Breweries and FTN Cocoa Processors recorded the highest gains of the day having appreciated in share value by 10.0 per cent and 9.7 per cent, respectively, while CWG and Courtville topped the loser’s list as their respective share value dipped by 9.5 per cent and 6.5 per cent..

Performance across sub-indices was largely bullish as the NGX Insurance and the NGX Insurance indexes advanced by 3.19 per cent and 1.10 per cent, respectively, and was trailed by the NGX Consumer Goods and the NGX Industrial Indices with 0.85 per cent and 0.06 per cent gains respectively.

Meanwhile, the NGX Oil/ Gas depreciate by 0.72 per cent.

Analysis of market activities on Tuesday showed trade turnover settled higher relative to the previous session, with the value of transactions up by 21.25 per cent.

A total of 576.85 million shares valued at N6.79 billion were exchanged in 6,143 deals. United Bank for Africa led the volume chart with 94.31 million units traded, while Zenith Bank led the value chart in deals worth N1.40 billion.

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