Investors gain N3.2trn as stock market rebounds

By Taiye Olayemi

It was a bountiful gain for Investors on Tuesday as the Nigerian stock market revived its bullish streak after a one-day downturn with gain of N3.205 trillion.

Market capitalisation rose from N143.969 trillion to N147.174 trillion, representing a 2.23 per cent increase.

The upward trend was primarily fueled by strong investor demand in consumer, energy and industrial stocks.

Industrial and Medical Gases, FTN Cocoa Processors, WAPCO, Austinlaz, and Presco, alongside 34 other gainers, lifted the market into positive territory amid renewed investor interest in these stocks.

In the same vein, the All-Share Index advanced by 4,977.51 points, or 2.23 per cent, to close at 228,579.80 from 223,602.29.

This led the Year-to-Date return to 46.89 per cent growth.

However, the market breadth recorded 42 losers against 39 gainers, closing negatively.

UBA led the losers’ chart by 10 per cent, closing at N44.55, while Trans-Nationwide Express followed by 9.99 per cent, finishing at N6.40.

Similarly, National Salt Company shed by 9.18 per cent, ending the session at N187.90 per share.

Also, Jaiz Bank dipped by 8.98 per cent, closing at N8.01 and Berger Paints fell by 8.66 per cent, settling at N68 per share.

Conversely, WAPCO, Industrial and Medical Gases (IMG) and FTN Cocoa Processors topped the gainers’ chart by 10 per cent each, closing at N324.50, N39.60 and N5.50 per share respectively.

Similarly, Austinlaz gained by 9.71 per cent, finishing at N3.73 while Presco rose by 9.52 per cent, closing at N2,300 per share.

Analysis of the market activity revealed increase in the value and volume but a decline in deals as 907.96 million shares worth N68.23 billion were exchanged across 72,886 transactions.

This is in contrast with the previous session’s 678.2 million shares valued at N44.14 billion that was traded in 82,838 deals.

Access Corporation led the volume chart with 219.5 million shares worth N5.78 billion while Nestlé topped the value chart with transactions worth N15.27 billion.

(NAN)