NGX Soars As Investors Demand More Insurance, Industrial Stocks

Capital Market Goes Green Ahead Of 2022 Corporate Earnings

The Nigerian Exchange rose on Tuesday after a continuous gain in the local exchange fueled by earnings reports, which fueled portfolio rebalancing. Market sentiment remained upbeat as buyers sought more insurance and industrial equities. As a result, the All-Share Index gained 0.2% to close at 53,238.67 points, while the year-to-date return increased to 3.9%.

In the market, stock dealers traded 250.19 million shares for N5.88 billion in 4,328 transactions. This compares to a turnover of 201.36 million shares worth N5.67 billion exchanged in 4,332 transactions on Monday, a 3.7% decline. The most active stock throughout the day was Universal Insurance Company, which exchanged 48.55 million shares for N9.71 million.

Guaranty Trust Holding Company (GTCO) came in second with 14.16 million shares worth N353.77 million, while Zenith Bank traded 12.52 million shares for N315.02 million.

Unity Bank traded 10.88 million shares for N5.48 million, while Access Bank Holdings sold 11.57 million worth N104.88 million. The market capitalization increased by N44 billion or 0.15 percent to N28.997 trillion, up from N28.953 trillion on Monday.

Similarly, the All-Share Index rose by 80.84 points, or 0.15 percent, to end at 53,238.67, up from 53,157.83 on Monday. Veritas Kapital, LivingTrust Mortgage Bank, and Geregu Power headed the percentage gainers’ table, each gaining 10% to close at N22k, 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.

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