NGX Posts N465bn Gain as Investors Trade 1.24bn Shares Worth N29.8bn

The Nigerian Exchange Ltd. (NGX) sustained its bullish momentum on Tuesday as investors gained N465 billion, following the trading of 1.24 billion shares valued at N29.8 billion across 28,009 deals. This represented a significant surge in both market volume and value compared to the Monday session’s 383.9 million shares worth N11.61 billion exchanged in 28,114 deals.

This marked an increase in the market value and volume with a decline in the deals when compared with the previous session.

Fidelity Bank led the trading activity in volume and value, with 793.04 million shares, valued at N15.88 billion.

NCR Nigeria followed with 66.77 million shares worth N1.07 billion while Zenith Bank sold 49.4 million shares valued at N3.4 billion.

Sterling Nigeria traded 28.3 million shares worth N220.5 million and FCMB transacted 25.3 million shares valued at N269.9 million.

Meanwhile, the stock market maintained a bullish trend as investors gained N465 billion in value.

Market capitalisation rose by N465 billion or 0.52 per cent, closing at N90.580 trillion from N90.115 trillion on Monday.

Likewise, the All-Share Index (ASI) climbed 332.92 points or 0.23 per cent, ending at 142,710.48 up from 142,377.56.

The bullish performance was driven by increased investor interest in 28 gainers, including: UPDC, Nigerian Enamelware, Eterna, Aradel Holdings and The Initiates Plc.

Despite the overall bullish outing, the market breadth closed negative with 32 laggards against 28 gainers. Union Dicon Salt led the losers’ chart, dropping 10 per cent to close at N8.10. It was trailed by Champion Breweries, which shed 7.09 per cent to settle at N13.75, while Royal Exchange declined by 5.96 per cent to end at N2.05 per share. Wema Bank fell by 5.56 per cent to close at N17, and Custodian Investment dipped by 5.12 per cent to finish at N40.80.

On the flip side, UPDC topped the gainers’ table with a 9.98 per cent rise to N6.61, followed closely by Nigerian Enamelware, which appreciated by 9.97 per cent to N38.60. Eterna gained 9.95 per cent to settle at N33.70, Aradel Holdings rose by 9.82 per cent to close at N615, while The Initiates Plc advanced 9.77 per cent to finish at N14.60 per share.