Nigerian Stocks on Steroid, Gain N1.8trn With YtD Return at 17.65%

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited further appreciated by 3.93 per cent on Tuesday, with the year-to-date (YtD) return at 17.65 per cent.

Renewed interest in Nigerian stocks across the key sectors of the market contributed to the gains recorded during the trading session.

Business Post reports that the industrial goods space rose by 9.72 per cent, the insurance counter appreciated by 5.80 per cent, the banking sector improved by 4.35 per cent, the consumer goods index soared by 2.97 per cent, and the energy sector expanded by 0.11 per cent.

Consequently, the All-Share Index (ASI) jumped by 3,329.48 points to 87,970.37 points from 84,640.89 points, and the market capitalisation grew by N1.8 trillion to settle at N48.139 trillion compared with Monday’s closing value of N46.317 trillion.

A total of 77 equities closed higher yesterday, while 10 equities closed lower, indicating a positive market breadth index and a strong investor sentiment.

Sterling Holdings, Dangote Sugar, Lafarge Africa, Berger Paints, and Honeywell Flour appreciated by 10.00 per cent each to N7.59, N81.40, N47.30, N15.40, and N4.40, respectively.

However, Royal Exchange dropped 8.16 per cent to sell for 90 Kobo, Multiverse depreciated by 6.59 per cent to N17.00, Ellah Lakes shrank by 4.79 per cent to N3.38, Oando weakened by 3.60 per cent to N12.05, and UAC Nigeria crumbled by 3.13 per cent to N15.50.

The market was very busy on Tuesday as investors bought and sold 1.1 billion shares worth N16.1 billion in 14,835 deals compared with 807.5 million shares worth N11.0 billion traded in 13,647 deals in the preceding session, implying a rise in the volume of trades, the value of transactions, and the number of deals by 34.82 per cent, 46.36 per cent, and 8.71 per cent apiece.

Jaiz Bank finished the day on top of the activity chart after selling 150.6 million stocks worth N508.4 million, AIICO Insurance trailed with 99.1 million shares valued at N129.1 million, FCMB sold 67.6 million equities for N814.2 million, Sterling Holdings transacted 55.8 million shares valued at N417.1 million, and Transcorp exchanged 48.9 million stocks worth N774.6 million.