Tuesday’s gains for stock investors came from purchasing activity seen on the Nigerian Exchange floor, totaling N149 billion. During the publication of the first quarter of 2024 profits, the market reversed its downward trend.
The local bourse reported that the market performance indicators increased by +0.27%. Due to this, the year-to-date return has gradually increased. According to stockbrokers, purchasing interest in a few lately depreciated medium- and large-scale equities has underpinned the most recent upswing.
As a result, the market index, also known as the All-Share Index, rose by 263.39 basis points, or +0.27%, to close at 98,225.63.
The positive trend of today caused market activity to soar. Data from the Nigerian Exchange shows that the overall volume and total value traded grew by +99.18% and +193.52%, respectively.
In its market update, Atlass Portfolios Limited said approximately 552.21 million units valued at ₦14,919.71 million were transacted in 9,350 deals.
GTCO was the most traded stock in terms of volume, accounting for 44.49% of the total volume of trades. The orange brand financial services group was followed by FBNH (8.24%), ACCESSCORP (7.77%), TRANSCORP (6.54%), and UBA (4.07%) to complete the top 5 on the volume chart.
Also, GTCO was the most traded stock in value terms, with 53.26% of the total value of trades on the exchange. CAP, LEARNAFRCA, NAHCO, and UACN topped the advancers’ chart with a price appreciation of 10.00 percent each.
These top performers were trailed by CONOIL which gained (+9.96%). Other gainers include JBERGER (+9.94%), MORISON (+8.87%), INTENEGINS (+8.59%), TANTALIZER (+8.33%), and eighteen others.
Market data indicated that eighteen stocks depreciated despite bullish run. DANGSUGAR was the top loser, with a price depreciation of -9.95%. Other loser include: VITAFOAM (-9.81%), HONYFLOUR (-9.74%), CILEASING (-9.46%), WAPCO (-8.75%), and FTNCOCOA (-4.14%).
It was noted from the trading results that the market breadth closed positive, recording 27 gainers and 18 losers. Nevertheless, the market sector performance closed negative.
Three of the five major market sectors sloped downward. The Consumer goods sector lost – 0.80%, the Industrial sector went down by -0.35% while the Oil & Gas sector declined by -0.34%. Meanwhile, the Banking and Insurance sectors grew by +1.72% and +0.15% respectively.
Overall, the equities market capitalisation of the Nigerian Exchange rose by ₦149.10 billion to close at ₦55.55 trillion.
