NGX Rises as Investors Demand More Insurance, Industrial Stocks

NGX Rises as Investors Demand More Insurance, Industrial Stocks

The Nigerian Exchange appreciated on Tuesday following a sustained rally in the local bourse amidst earnings releases fueling portfolio rebalancing. Sentiment remained positive in the market as investors demanded more insurance and industrial stocks. Accordingly, the All-Share Index inched higher by 0.2% to close at 53,238.67 points while the year-to-date return advanced to 3.9%.

In the market, stock traders moved a total of 250.19 million shares worth N5.88 billion in 4,328 deals.

This was against a turnover of 201.36 million shares valued at N5.67 billion exchanged in 4,332 deals on Monday, a decrease of 3.7 per cent. Universal Insurance Company was the most active stock during the day, exchanging 48.55 million shares valued at N9.71 million.

Guaranty Trust Holding Company (GTCO) followed with an account of 14.16 million shares valued at N353.77 million, while Zenith Bank traded 12.52 million shares worth N315.02 million.

Access Bank Holdings sold 11.57 million shares valued at N104.88 million, while Unity Bank traded 10.88 million shares worth N5.48 million. The market capitalisation was up by N44 billion or 0.15 per cent to close at N28.997 trillion from N28.953 trillion reported on Monday.

In the same vein, the All-Share Index appreciated by 80.84 points or 0.15 per cent to close at 53,238.67 from 53,157.83 recorded on Monday. Veritas Kapital, LivingTrust Mortgage Bank and Geregu Power led the gainers’ table in percentage terms, gaining 10 per cent each to close at 22k, N1.98 and N193.60, per share, respectively.

John Holt Plc followed with 9.92 per cent to close at N1.33, while SCOA gained 9.78 per cent to close at N1.01 per share. Conversely, NCR Nigeria and Chams topped the losers’ chart in percentage terms, dropping by 10 per cent each to N3.24 and 27k per share, respectively.

Unity Bank trailed with a loss of 9.09 per cent to close at N50, while Royal Exchange dipped 8.97 per cent to close at 71k per share. Japaul Gold & Ventures was down by 8.33 per cent to close at 33k per share.

By sectors, the Consumer Goods declined by0.2% and banking index lost 0.1%. Meanwhile, the Insurance index popped higher by 3.0% while Industrial Goods, and Oil & Gas indices closed flat.

Overall, equities market capitalisation gained ₦44.03 billion, representing a growth of +0.15% to close at ₦28,997.67 trillion from ₦28,953.64 trillion yesterday.# NGX Rises as Investors Demand More Insurance, Industrial Stocks

>>>Naira Challenges Raise Possibility of Materials Devaluation – Report

Previous articleNNPC Takes Over Addax’s Production Sharing Contract Assets
Next articlePrivate Sector Growth Momentum Declines, Employment Rises–PMI
ogochi Ndubuisi is creative content manager with interest in marketing and advertisement. Ogochi supports MarketForces Africa's clients corporate communication units with content development and liaise with media unit for disseminable product information.