The Nigerian Exchange sustained its bullish momentum at the close of trading on Tuesday, with investors gaining N426bn as market capitalisation rose to N66.5tn.
The benchmark All-Share Index appreciated by 683.38 points, or 0.65 per cent, closing at 106,574.71 points. This represents a 1.7 per cent gain in one week, a 2.85 per cent gain over four weeks, and a 3.54 per cent year-to-date increase.
A total of 478.6 million shares valued at N11.76bn were exchanged in 15,561 deals, marking a 16 per cent decline in trading volume compared to the previous session. However, turnover improved by 13 per cent, despite a 13 per cent drop in the number of deals executed.
The market recorded 40 gainers and 25 losers at the close of trading.
Ellah Lakes Plc led the gainers’ chart with a 10 per cent price appreciation, closing at N3.63 per share. Eterna Plc and Honeywell Flour Mills Plc followed closely with 9.93 per cent gains each. In comparison, Academy Press Plc posted a 9.7 per cent increase.
On the losers’ table, International Energy Insurance Plc declined the most, shedding 9.78 per cent to close at N2.03 per share. Eunisell Interlinked Plc fell by 9.74 per cent, while Sovereign Trust Insurance Plc and Guinea Insurance Plc declined by 9.02 per cent and 5.88 per cent, respectively.
Access Holdings Plc led the trading activity with 38.7 million shares exchanged, followed by Transcorp Nigeria Plc with 35.2 million shares. Veritas Kapital Assurance Plc and Aiico Insurance Plc also saw significant volumes, trading 26 million and 21.4 million shares, respectively.
The bullish sentiment extended across key market indices, with notable performances recorded in the Top 30 Index (+0.76 per cent), Industrial Index (+2.4 per cent), Premium Index (+1.84 per cent), Pension Index (+0.51 per cent), Banking Index (+0.44 per cent), and Insurance Index (+0.19 per cent).
The PUNCH reported that Zenith Bank Plc has listed an additional 9.67bn ordinary shares on the Nigerian Exchange Limited, following the successful completion of its hybrid offer, which comprised a rights issue and a public offer. This development comes as the Nigerian equity market opened the week on a bullish note, recording a N476.99bn gain in market capitalisation despite a marginal decline in the All-Share Index.