Bullish sentiment dominated the local bourse on Tuesday as the All-Share Index (ASI) extended gains from previous session by 49 basis points or 0.49 percent to close at 96,510.13 basis points.
Investor interest in Tier-1 banking tickers Guaranty Trust Holding, Zenith Bank, First Bank of Nigeria Holdings, United Bank for Africa, and Access Holdings drove the overall market’s performance having appreciated by 0 33 percent, 0.13 percent. 9.98 percent, 0.45 percent and 0.79 percent, respectively.
As a result, the All-Share Index closed at 96,510.13 points, with the Month-to-Date and Year-to-Date returns settling at -1.3 percent and +29.1 percent, respectively.
Investors capitalized on this positive momentum, pushing the market capitalization of listed equities to N55.44 trillion, an impressive gain of N271.61 billion for the day.
As measured by market breadth, market sentiment was positive as 47 tickers gained relative 14 losers.
Share prices of stocks such as Julius Berger, John Holt, Neimeth Pharmaceuticals, and Total Energies saw their share prices skyrocket by 10 percent each, contributing significantly to the overall market gain.
This widespread sectoral strength underscored the prevailing bullish sentiment across the market as sectoral performance was uniformly strong, with all sectors posting gains.
The Oil and Gas sector led the charge with a 4.14 percent increase, followed by the Banking and Insurance sectors, which recorded gains of 1.45 percent and 1.30 per cent, respectively.
The Consumer Goods and Industrial Goods sectors also posted modest gains of 0.45 percent and 0.04 percent.
Analysis of market activities on Tuesday showed trade turnover settled higher relative to the previous session, with the value of transactions up by 45.08 percent.
A total of 443.16 million shares valued at N5.64 billion were exchanged in 8,493 deals. Veritas Capital led the volume chart, with 83.08 million units traded while Access Holdings led the value chart in deals worth N1.06 billion.
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