The Nigerian Exchange (NGX) Limited gained 1.01 per cent on Tuesday following sustained bargain-hunting by investors, who have shown renewed confidence in the local stocks.
The All-Share Index (ASI) was up by 1,516.10 points 151,456.91 points from 149,940.81 points and the market capitalisation soared by N962 billion to N96.134 trillion from N95.172 trillion.
Business Post reports that all the key sectors of the bourse were up during the session, with the consumer goods space recording the biggest growth, rising by 3.53 per cent.
The energy ecosystem improved by 2.02 per cent, the commodity industry expanded by 0.97 per cent, the insurance counter jumped by 0.38 per cent, the banking sector expanded by 0.21 per cent, and the industrial goods landscape grew by 0.16 per cent.
The market breadth index remained negative yesterday despite Customs Street closing in green and this was due to cautious trading among investors. The NGX ended with 28 appreciating equities and 30 depreciating equities, implying a weak investor sentiment.
SCOA Nigeria surged by 7.74 per cent to N7.10, Omatek chalked up 7.48 per cent to trade at N1.58, Consolidated Hallmark rose by 6.70 per cent to N4.78, BUA Foods increased by 6.54 per cent to N692.50, and Vitafoam Nigeria swelled by 5.92 per cent to N94.00.
On the flip side, LivingTrust Mortgage Bank lost 9.91 per cent to sell for N4.00, Conoil depreciated by 5.83 per cent to N190.70, Africa Prudential deflated by 5.69 per cent to N14.10, Sovereign Trust Insurance decreased by 3.95 per cent to N3.65, and NPF Microfinance Bank went down by 3.75 per cent to N3.08.
Leading the activity log for the day was Fidelity Bank with 59.1 million shares valued at N1.2 billion, VFD Group traded 39.3 million stocks worth N424.7 million, Japaul exchanged 37.7 million equities for N94.9 million, Access Holdings transacted 37.4 million shares valued at N950.1 million, and GTCO sold 31.4 million stocks worth N2.9 billion.
At the close of trading activities on the floor of the exchange, a total of 551.9 million equities valued at N20.5 billion exchanged hands in 27,518 deals compared with the 415.4 million equities worth N27.2 billion transacted a day earlier in 31,522 deals, indicating an improvement in the trading volume by 32.86 per cent and a shortfall in the trading value and number of deals by 24.63 per cent and 12.70 per cent, respectively.