Nigerian Stocks Chalk up 0.26% as Bulls Stage Comeback

By Dipo Olowookere

The bulls staged a comeback to lift Nigerian stocks by 0.026 per cent on Customs Street on Tuesday after closing the previous session bearish.

The positive outcome recorded by the Nigerian Exchange (NGX) Limited was buoyed by the gains printed by three of the five key sectors of the bourse.

The industrial goods index appreciated by 1.17 per cent, the consumer goods counter grew by 0.29 per cent, and the energy space chalked up 0.01 per cent. They offset the 0.15 per cent loss each recorded by the banking and insurance indices.

At the close of business, the All-Share Index (ASI) soared by 632.79 points to 245,911.13 points from 245,278.34 points, and the market capitalisation expanded by N411 billion to N159.668 trillion from N159.257 trillion.

Yesterday, investors transacted 348.8 million equities worth N25.9 billion in 32,639 deals versus the 349.4 million equities valued at N18.0 billion traded in 43,193 deals on Monday, indicating a rise in the trading value by 43.89 per cent, and a decline in the trading volume and number of deals by 0.17 per cent and 24.43 per cent, respectively.

UBA led the activity chart after transacting 48.1 million shares for N2.1 billion. FCMB exchanged 30.1 million stocks worth N328.3 million, Zenith Bank traded 21.0 million equities valued at N2.6 billion, GTCO transacted 16.1 million shares worth N2.0 billion, and Dangote Sugar sold 9.3 million stocks valued at N619.0 million.

Investor sentiment turned bullish during the trading day, with the stock exchange closing with 28 advancing equities and 21 declining equities, implying a positive market breadth index.

Austin Laz improved by 9.97 per cent to N3.53, ABC Transport surged by 9.92 per cent to N6.65, Cutix jumped by 9.91 per cent to N2.33, Thomas Wyatt climbed by 9.77 per cent to N2.92, and Caverton rose by 9.76 per cent to N4.50.

On the flip side, Livestock Feeds shed 9.76 per cent to close at N17.10, Guinea Insurance fell by 7.78 per cent to 83 Kobo, NPF Microfinance Bank tripped by 5.75 per cent to N4.10, Mutual Benefits crashed by 4.69 per cent to N3.05, and AIICO Insurance dipped by 3.06 per cent to N3.80.