Following price reductions in ETI, which increased by 7.1%, FBNH, which increased by 2.2%, and other financial services stocks, the equities division of the Nigerian Exchange (NGX) traded slightly higher.
According to data from the market, as a result, the All-Share Index increased by 0.1% to 52,605.78 points and the year-to-date return increased to 2.6%.
Based on information from the Nigerian Exchange website, the market capitalization grew by N15 billion (0.05%) to close at N28.644 trillion, up from N28.629 trillion on Monday.
The market’s overall performance was mostly driven by gains in Tier-1 banking companies such Zenith Bank, Guaranty Trust Holding Company (GTCO), Access Holdings, Conoil, Dangote Sugar, and Union Bank.
Additionally, the All-Share Index (ASI) increased by 26.26 points, or 0.05 percent, to close at 52,605.78 as opposed to 52,579.52 in the previous session.
As a result, the year-to-date (YTD) return increased to 2.64 %. Additionally, the All-Share Index (ASI) increased by 26.26 points, or 0.05 percent, to close at 52,605.78 as opposed to 52,579.52 in the previous session.
According to analysts at Vetiva Securities Ltd., “Sectors traded mixed today, as profit taking was primarily observed in the consumer goods area, while Tier-I banks dominate the activity.
“We anticipate the other one to continue tomorrow.”
In the meantime, market breadth, a gauge of market mood, was up because 19 equities increased compared to 14 declining ones. Conoil experienced the greatest price increase, up 10%, to close at N48.40 per share.
Following closely behind, Multiverse Mining and Exploration increased by 9.97% to close at N3.75, while John Holt increased by 9.77% to close at N1.91 per share.
Transcorp increased by 9.5% to close at N1.96, while Computer Warehouse Group increased by 9.66% to close at N1.59 a share.
Unity Bank, on the other hand, topped the losers’ chart by 9.26% to settle at 49k per share. Following Japaul Gold and Ventures, cutix fell by 8.8% to settle at N2.28 per share, while Japaul Gold and Ventures fell by 8.82% to close at 31k.
While NPFMicrofince Bank lost 5.71 percent to settle at N1.60 per share, Nigerian Breweries lost 5.88 percent to close at N32.10.
Analysis of market activity revealed that trade turnover decreased in comparison to the prior session, with a 0.09 percent decrease in transaction value.
In addition, 5,684 transactions involved the exchange of 640.97 million shares for N7.13 billion. With 129.73 million units exchanged in transactions worth N1.48 billion, Accesscorp topped the volume and value charts.
The Oil & Gas (+1.1%) and Banking (+0.8%) indexes both saw gains, while the Consumer Goods (-0.7%) and Insurance (-0.2%) indices did not. Sectoral performance was therefore uneven. The industrial Goods index ended unchanged. NGX increases due to persistent demand for banking stocks.
