Equity Investors Gain N98bn on Bullish Market Sentiment

Customs Street recorded 38 appreciating stocks and 23 depreciating stocks during the trading sentiment, representing a positive market breadth index.

Universal Insurance chalked up 10.00 per cent yesterday to sell for 66 Kobo, Red Star Express also rose by 10.00 per cent to N5.50, Beta Glass gained 9.98 per cent to settle at N86.50, Northern Nigeria Flour Mills improved by 9.98 per cent to N73.30, and Chellaram expanded by 9.89 per cent to N7.89.

Conversely, Ikeja Hotel lost 9.55 per cent to quote at N9.95, NEM Insurance shed 6.59 per cent to trade at N12.05, Sunu Assurance dropped 6.14 per cent to finish at N5.35, Consolidated Hallmark crumbled by 5.97 per cent to N3.15, and Royal Exchange slipped by 3.03 per cent to 96 Kobo.

A total 471.7 million shares worth N19.9 billion exchanged hands in 14,600 deals on Tuesday versus the 510.6 million shares valued at N13.3 billion traded in 14,611 deals on Monday, implying a fall in the trading volume and number of deals by 7.62 per cent, and 0.08 per cent, respectively, and a rise in the trading value by 49.62 per cent.

The most active stock for the day was FBN Holdings for selling 83.1 million units worth N2.4 billion, Zenith Bank exchanged 29.5 million units for N1.5 billion, Universal Insurance transacted 24.2 million units valued at N15.8 million, UAC Nigeria sold 21.2 million units worth N702.8 million, and GTCO traded 20.2 million units valued at N1.2 billion.

Business Post reports that the insurance and the energy sectors witnessed profit-taking on Tuesday, causing them to tumble by 0.52 per cent and 0.01 per cent, respectively.

However, the consumer goods index appreciated by 0.16 per cent, the industrial goods space grew by 0.05 per cent, and the banking counter improved by 0.03 per cent.

Consequently, the All-Share Index (ASI) jumped by 158.05 points to 104,788.35 points from 104,630.30 points and the market capitalisation leapt by N98 billion to N64.890 trillion from N64.792 trillion.