Business
THE Nigerian stock market sustained its bullish rally on Tuesday as investors gained N3.450 trillion, driven by renewed buying interest in large and mid-cap stocks.
The positive sentiment lifted the market capitalisation by 2.27 per cent, rising from N152.135 trillion to N155.585 trillion.
Similarly, the All-Share Index advanced by 5,376.70 points, or 2.27 per cent, to close at 242,459.98, up from 237,083.28.
Consequently, the Year-To-Date return strengthened to 55.81 per cent while the market breadth closed positively with 33 gainers and 23 losers.
Airtel Africa and Trans-Nationwide Express led the gainers’ chart by 10 per cent each, closing at N5,801.40 and N2.97 per share respectively.
Also, Fidelity Bank gains by 9.97 per cent, settling at N19.85.
Thomas Wyatt increased by 9.89 per cent, finishing at N3 and Zichis Agro Allied Industry soared by 9.69 per cent, closing at N29.20 per share.
Conversely, Halldane Mc Call led the losers’ chart by 9.95 per cent, finishing at N3.53.
Mc Nichols trailed by 8.89 per cent, settling at N6.15 while Computer Warehouse Group dropped by 5.65 per cent, ending the session at N40.05 per share.
Also, VFD Group dipped by 5.24 per cent, closing at N19 and NPF Microfinance Bank shed by 5.19 per cent, settling at N10.05 per share.
Market activity improved during the trading session as investors exchanged 518.43 million shares, representing a 5.06 per cent increase in volume.
The shares were valued at N22.75 billion in 48,495 deals.
Lasaco Assurance emerged as the most traded stock by volume, with 56.60 million shares exchanged, accounting for 10.92 per cent of the total volume traded.
Aradel led the value chart, with transactions worth N4.20 billion, representing 18.49 per cent of the total value traded.
Commenting on the rally, Mr David Adonri, Vice President of Highcap Securities Ltd., attributed the market’s positive performance to the return of bullish momentum, saying the recent rally suggests the market has found its bottom.
According to him, the change in market direction began last Friday and has continued into the current trading sessions.
“The upward momentum has returned to the market. The market appears to have bottomed out. I think the change in direction started last Friday, and it has continued,” he said.
Adonri, however, noted that while the recovery is expected to be gradual, it is likely to remain steady rather than experience a sharp surge.
“The recovery is going to be slow, but it may be steady. It won’t be a rapid rise, but a gradual and sustained recovery,” he said. (NAN)
F.O
Tags: Equities market