Stock market sustains gains, advances by 0.7 per cent

The Nigerian equities market maintain a positive stance, on Tuesday, as the local bourse inched up by 0.70 per cent.

Consequently, the All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) closed at 28,980.29 basis points.

The Year-to-Date (YtD) return increased to 7.97 per cent to bring the market capitalisation to N15.148 trillion.

Market breadth closed strongly in favour of the bulls with 46 counters in the gainers’ chart as against two decliners.

Sentiment remains positive in the market as high capitalised stocks such as Guaranty Trust Bank, BUA Cement, Zenith Bank and FBN Holdings appreciated by 1.96 per cent, 1.22 per cent, 1.42 per cent and 0.82 per cent respectively.

However, on the performance chart, Linkage Assurance, Conoil, NNFMills, Portland Paints and Livestock are the best-performing stocks for the day while Wema Bank and NEM Insurance, on the flip side, topped the decliners board.

All sectoral indices also closed positive save for ASEM that closed flat. Insurance Index and Banking Index are the two best performing sectors gaining 2.72 per cent and 2.16 per cent respectively.

Market activity as measured by the volume of trades increased, as daily traded volumes recorded 386 million as against 340 million in previous session amounting to 13.14 per cent increase.

Value of trades on the other hand however declined by 47.59 per cent to stand at N2.91 billion from a volume of N5.56 billion recorded in the previous trading session.

The stock of FBN Holdings, Access Bank, Fidelity Bank, ETI, and United Bank for Africa were the top five performers in terms of volume of units traded while FBN Holdings, Zenith Bank, Access Bank, Guaranty Trust Bank, and MTN Nigeria made up the top five performers in terms of the value of trade.

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Stock market sustains gains, advances by 0.7 per cent

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Stock market sustains gains, advances by 0.7 per cent

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