Nigerian equities extended gains for the fourth consecutive session as the All-Share index gained 0.73 per cent to close at 44,788.14 basis points.
On Tuesday, renewed appetite for BUA Cement at the Nigerian Exchange Limited (NGX) pushed the overall market to a positive close, as the large-cap stock increased by 10.0 per cent by the end of trading activities for the day.
As a result, the ASI’s year-to-date (YTD) return increased to 4.85 per cent, while the market capitalisation closed higher at N24.39 trillion as investors gained N178.40 billion.
Notably, aside from BUA Cement’s impact on the market, the bullish momentum recorded on Tuesday was also impacted by bargain-hunting activity in Jaiz Bank, Union Bank of Nigeria and Sterling Bank as their respective share prices rose by 8.99 per cent, 8.47 per cent and 2.63 per cent.
However, the Exchange recorded 18 losers against eight gainers even as positive sentiments dominated the market. Market breadth closed negative with declining issues outnumbering advancing ones. Multiverse topped 17 others on the laggard’s table having depreciated in share value by 8.50 per cent, while BUA Cement led seven others on the leader’s log after its share price increased by 10.0 per cent.
Sectorial performance was weak as three out of the five indices closed in the red zone; the NGX Insurance, NGX Consumer Goods, and the NGX Oil/Gas indices declined by 0.24 per cent, 0.09 per cent and 0.18 per cent, respectively.
On the positive side, the NGX Banking index and the NGX Industrial index rose by 0.49 per cent and 4.01 per cent, respectively.
Elsewhere, market activity came in strong with total deals, volume, and value increasing by 17.25 per cent, 120.12 per cent and 25.84 per cent, respectively, to 3,385 trades, 159.21 million units, and N2.73 billion.
In terms of volume, Mutual Benefits was the most active stock, with 47.43 million shares worth N13.28 million changing hands in 1 2 deals. While Airtel Africa led the value chart in deals worth N1.01 billion.
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