Equities market reverses loss as investors gain N37.26bn

Equities trading on the Nigerian Stock Exchange (NSE) on Tuesday was positive as the domestic market reversed previous losses to close northward with investors gaining N37.26 billion.

Investors’ interest in stocks of Airtel Africa, BUA Cement and Zenith Bank which rose by 3.66 per cent, 2.51 per cent and 1.87 per cent respectively spurred the gain witnessed in the market as investors took advantage of cheap prices.

Precisely, the All-Share Index (ASI) advanced by 0.3 per cent to 24,097.48 basis points, just as the market capitalisation closed at N12.57 trillion. Accordingly, Month-to-Date and Year-to-Date losses moderated to -1.6 per cent and -10.2 per cent, respectively.

Market sentiment, as measured by market breadth, was, however, negative as 18 stocks declined, relative to 17 gainers with Okomu Oilpalm and MRS Oil leading the decliners chart by ten per cent and 9.8 per cent respectively, while Red Star Express and WAPIC Insurance recorded the largest gains with 9.8 per cent and 6.1 per cent respectively.

However, the total volume of trades decreased by 18.0 per cent to 155.53 million units, valued at N2.60 billion and exchanged in 4,060 deals. Guaranty Trust Bank was the most traded stock by volume at 19.72 million units while MTN Nigeria was the most traded stock by value at N1.18 billion.

Sectorial analyses indicated that the Insurance, Consumer Goods and Oil & Gas indices recorded losses by 2.8 per cent, 0.5 per cent and 0.02 per cent, while the Banking and Industrial Goods indices gained by 0.9 per cent and 0.1 per cent.

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