NSE Market Indices Sustain Growth by 1.37% on Bargain Hunting

By Modupe Gbadeyanka

Nigerian equities sustained gains today with the Nigerian Stock Exchange (NSE) closing 1.37 percent higher on bargain hunting.

The year-to-date (YTD) return today stood at 43.24 percent, while the market breadth ended positive with 32 price gainers and 11 price losers.

At the close of transactions on Tuesday, the market capitalisation rose by N181 billion to settle at N13.406 trillion, while the All-Share Index (ASI) increased by 519.8 points to finish at 38,494.43 points.

The Financial Services sector led the activity chart with 452.179 million shares exchanged for N5.5 billion and was followed by Consumer Goods, which traded 35.677 million shares worth N1.04 billion.

Business Post reports that the volume of equities traded on Tuesday increased by 4.43 percent from 500.192 million to 522.355 million, while the total value of stocks exchanged by investors rose by 18.32 percent from N6.357 billion to N7.522 billion in 5,150 deals.

Custodian and Allied closed today as the most trade stock, selling 90.14 million units worth N338 million.

It was trailed by GTBank, which sold 57.04 million shares valued at N2.5 billion, and Fidelity Bank, which exchanged 52 million units worth N114 million.

Diamond Bank transacted 47 million shares valued at N65.5 million, while Zenith Bank traded 42.8 million shares at N1.1 billion.

On the price movement chart, Nigerian Breweries led the gainers’ chart with the addition of N4.50k to its share value to close at N138 per share.

Dangote Cement trailed after appreciating by N4.20k to finish at N250 per share, and Unilever gained N1.30k to settle at N42.95k per share.

PZ Cussons rose by N1.7k to close at N22.90k per share, while Cadbury increased by N1.5k to end at N15.30k per share.

On the flip side, Forte Oil lost N1.76k to finish at N43.23k per share, topping the losers’ chart at the close of market on Tuesday.

It was followed by Stanbic IBTC, which depreciated by 55k to finish at N42 per share, and Flour Mills of Nigeria, which fell by 40k to end at N33.10k per share.

International Breweries declined by 24k to close at N59.76k per share, while NASCON went down by 16k to settle at N15.74k per share.