The bulls took control of the Nigerian Exchange (NGX) Limited on Tuesday, leaving the local market to close higher by 0.37 per cent.
Buying interest in the financial services sector and others lifted the Nigerian bourse during the trading session.
Data showed that this happened despite the commodity and consumer goods sectors closing lower by 0.70 per cent and 0.04 per cent, respectively.
Business Post reports that the insurance space grew by 0.93 per cent, the energy index gained 0.92 per cent, the banking counter expanded by 0.67 per cent, and the industrial goods industry increased by 0.21 per cent.
As a result, the All-Share Index (ASI) went up by 398.13 points to 112,427.48 points from the preceding day’s 112,029.35 points, and the market capitalisation chalked up N251 billion to N70.895 trillion from Monday’s N70.644 trillion.
The market breadth was positive yesterday with 36 price gainers and 32 price losers, implying a strong investor sentiment.
Honeywell Flour gained 10.00 per cent to sell for N22.00, SFS REIT appreciated by 10.00 per cent to close at N226.60, SCOA Nigeria improved by 10.00 per cent to N5.39, Industrial and Medical Gases jumped by 9.96 per cent to N37.00, and International Energy Insurance rose by 9.82 per cent to N1.79.
Conversely, Conoil fell by 10.00 per cent to N268.30, Learn Africa depreciated by 9.98 per cent to N3.88, Transcorp Hotels weakened by 9.97 per cent to N132.80, Julius Berger tumbled by 9.94 per cent to N120.50, and Chellarams declined by 9.92 per cent to N9.53.
During the session, 622.6 million shares valued at N16.1 billion exchanged hands in 17,044 deals compared with the 511.0 million shares worth N9.9 billion traded in 16,827 deals on Monday, representing a rise in the trading volume, value, and number of deals by 21.84 per cent, 6263 per cent and 1.29 per cent, respectively.
The activity chart was led by Fidelity Bank with 108.2 million stocks valued at N2.1 billion, Legend Internet transacted 61.0 million equities worth N344.4 million, UBA exchanged 55.7 million shares for N1.9 billion, GTCO traded 41.2 million equities valued at N2.8 billion, and Access Holding sold 34.5 million shares worth N754.4 million.