The Nigerian Exchange (NGX) Limited escaped from the snare of the fowler on Tuesday after Dangote Cement and 26 others launched a rescue mission, snatching the bourse from the bears at the close of business.
Customs Street closed higher by 1.20 per cent during the trading session after sleeping in the danger zone the preceding day.
Data showed that Dangote Cement gained 9.99 per cent to settle at N588.00, NCR appreciated by 9.98 per cent to N66.10, International Breweries improved by 9.66 per cent to N11.35, and Livestock Feeds rose by 8.33 per cent to N6.50.
The gains recorded by the above stocks and other offset the sell-offs in 20 equities, which finished on the losers’ table led by Ikeja Hotel, which fell by 9.92 per cent to N28.60.
Further, Legend Internet depreciated by 9.91 per cent to N5.00, LivingTrust Mortgage Bank declined by 9.78 per cent to N3.23, Coronation Insurance slumped by 6.72 per cent to N2.36, and FTN Cocoa went down by 5.10 per cent to N4.65.
This showed that investor sentiment was strong because of the positive market breadth index.
As a result, the All-Share Index (ASI) was up by 1,718.03 points to 144,928.36 points from 143,210.33 points and the market capitalisation appreciated by N1.287 trillion to N92.376 trillion from N91.089 trillion.
Business Post observed that market activity was mixed yesterday as the trading volume and the number of deals decreased by 59.58 per cent and 48.92 per cent apiece, while the trading value soared by 112.30 per cent.
This was because market participants transacted 606.3 million shares worth N39.7 billion in 14,791 deals compared with the 1.5 billion shares valued at N18.7 billion traded in 28,956 deals a day earlier.
The most active stock was Access Holdings with a turnover of 310.3 million units valued at N6.4 billion, Zenith Bank sold 40.3 million units worth N2.4 billion, Fidelity Bank transacted 38.2 million units for N725.3 million, FCMB exchanged 21.1 million units worth N217.0 million, and GTCO traded 20.8 million units valued at N1.8 billion.