On Tuesday, Tier-1 banks led the daily increase in the equity market. Ahead of the second quarter of the 2024 earnings festival, investors bought financial services stocks, increasing the market capitalization of all listed firms by around N26 billion.
The market reversed the earlier decline that had been recorded at the start of the week and finished the day in the green as a consequence of the bargain hunting. Gains in the share prices of major banks, including ACCESSCORP, ZENITH, UBA, and GTCO, drove the 0.79% increase in the banking index.
In addition, the NGX Insurance index had a 1.99% increase. Key performance indicators increased by +0.05%, according to the data, while the year-to-date return surged close to the annual inflation rate of 33.95%.
Despite the market breadth being slightly negative, bargain hunting in some medium- and large-cap stocks, such as ZENITHBANK, UBA, and others, bolstered equities market performance.
According to data from the local bourse, the market index, or All-Share Index, rose by 46.94 basis points today, representing a rise of +0.05% to close at 100,067.77. Based on the trading direction, equities market activities improved, with the total volume and total value traded for the day increasing by +33.11% and +10.86%, respectively.
In a market update, stockbrokers at Atlass Portfolios Limited told investors that approximately 365.64 million units valued at ₦4,116.03 million were transacted across 8,665 deals.
UNIVINSURE was the most traded stock in terms of volume, according to data from the Nigerian bourse on Tuesday. The insurer accounted for 16.84% of the total volume traded, followed by AIICO (8.68%), UBA (7.07%), UCAP (6.91%), and NEM (6.36%).
UCAP also emerged as the most traded stock in value terms, with 17.29% of the total value of trades on the exchange. CORNERST topped the advancers’ chart with a price appreciation of 10.00 percent. The insurance company was trailed by JAIZBANK with (+9.95%) growth, WAPIC (+9.59%), FIDSON (+9.26%), GUINEAINS (+8.82%), UNIVINSURE (+7.89%), and sixteen others.
Stock data showed a depreciation of twenty-four equities. The worst performer was RTBRISCOE, whose price declined by -9.86%. CILEASING (-6.25%), MBENEFIT (-4.62%), FBNH (-4.35%), OANDO (-3.33%), and UNILEVER (-3.06%) are among the other decliners.
In their own daily analysis, stockbrokers said that there were 22 winners and 24 losers in the market at closing. Three of the five main market sectors had sharp declines, although overall market sector performance was negative.
Regarding this sectoral front, the industrial sector fell by 0.01%, the consumer goods sector fell by -0.34%, and the oil and gas sector lost -0.03%. Trading data show that the insurance and banking industries expanded by +1.99% and +0.79%, respectively. Overall, the equities market capitalization of the Nigerian Exchange rose by ₦25.72 billion on Tuesday to close at ₦56.61 trillion.
