Stock Market Gains N260bn as Investors Ride Bull Wave

Stock Market Gains N260bn as Investors Ride Bull Wave

The size of the equity segment of the Nigerian Exchange (NGX) expanded further on Tuesday as investors ride the bullish run further despite an unsettled cloud of dust of the conduct of 2023 presidential election.

The bargain hunting on value stocks, spurred by dividend declarations in the Lagos bourse drove the market indicators upward. Then, investors recorded N260 billion following positive price movement in mid-and large capitalised companies’ shares.

Consequently, the Nigerian stock market capitalisation gained a whooping sum of N260 billion to close at N30.400 trillion from N30.140 trillion recorded on Monday.

Data from the Nigerian Exchange showed that the All-Share Index increased by 477.84 points or 0.89 per cent to close at 55,806.26 against 55,328.42 recorded on Monday.

Bull market drivers in the local exchange today include Dangote Cement, Oando and Tier-one stocks such as Guaranty Trust Holding Company (GTCo), and Zenith Bank, amongst others.

Market breadth was positive as the 28 stocks were on the gainers’ table while five were on the losers’ chart. MRS dominated the gainers’ chart in percentage terms with 10 per cent to close at N36.85 per share.

Stanbic Bank followed with 9.88 per cent to close at N41.70, while C&I Leasing rose by 9.64 per cent to close at N3.98 per share.

Oando and McNichols inched higher by 9.09 per cent each to close at N4.80 and 72k per share respectively. Flour Mills Nigeria rose by 8.44 per cent to close at N32 per share.

Conversely, Multiverse Mining and Exploration led the losers’ chart in percentage terms by 10 per cent to close at N3.96 per share. Computer Warehouse Group trailed with 9.09 per cent to close at 90k per share.

Chams shed 7.14 per cent to close at 26k while RT Briscoe increased by 3.57 per cent to close at 27k per share. Also, the total volume of shares traded increased by 185 per cent to 237.17 million shares valued at N4.39 billion exchanged in 4,435 deals.

This was against a total of 149.78 million shares worth N1.54 billion achieved in 3,186 deals on Monday. Transactions in the shares of Fidelity Bank topped the activity chart with 39.8 million shares valued at N201.97 million.

Zenith Bank came second with 34.25 million shares worth N907.54 million while Oando traded 22.57 million shares valued at N109.1 million. Transcorp sold 17.83 million shares worth N23.26 million, while GTCo transacted 10.37 million shares worth N274.65 million.

Overall, sectoral performance was broadly positive, as the Banking index popped up 1.7%. The Industrial Goods index rose 1.4%. The Oil & Gas was up by 0.4%, and Insurance advanced by 0.3%.

On the other hand, the Consumer Goods index declined by 0.1%. # Stock Market Gains N260bn as Investors Ride Bull Wave

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