Stock market gains N114.4bn to reverse previous losses

Equities trading on the Nigerian Stock Exchange (NSE) reverses losses, on Tuesday, as the All-Share Index (ASI) goes up by 0.65 per cent to close at 34,340.56 basis points amid renewed bargain hunting activity.

The bullish returns followed investors’ interests in some banking names such as United Bank of Africa, FBN Holdings and Guaranty Trust Bank as their shares advanced by 6.49 per cent, 6.72 per cent and 0.29 per cent respectively.

Accordingly, Month-to-Date and Year-to-Date gains increased to 12.5 per cent and 27.9 per cent, respectively, just as investors gained N114.5 billion to leave the market capitalisation at N17.9 trillion.
Market sentiment, as measured by market breadth, was also positive, as 25 tickers gained, relative to 16 losers, with

United Capital and Fidelity Bank topping the gainers’ list with 9.5 per cent respective growth, while Eterna Oil and Fidson recorded the largest losses of the day by ten per cent and 9.8 per cent respectively.

The performance was also bullish across sub-sector gauges as all of the indices closed in green; the NSE Banking, NSE Insurance, NSE Consumer Goods, NSE Oil/Gas and NSE Industrial indices appreciated by 2.16 per cent, 2.02 per cent, 0.10 per cent, 0.03 per cent and 0.06 per cent respectively.

However, the total volume of trades decreased by 35.7 per cent to 365.41 million units, valued at N4.69 billion, and exchanged in 6,325 deals.

Zenith Bank was the most traded stock by volume and value at 71.93 million units and N1.73 billion, respectively.

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