Stock Market Extends Gains with N203bn Boost Despite Negative Market Breadth

The Nigerian equities market sustained its upward momentum on Tuesday, adding N203 billion to investors’ wealth, even as more stocks closed in the red than in the green.

The rally was largely supported by increased demand in NCR Nigeria, Berger Paints, Beta Glass, Cadbury and 23 other equities.

Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation grew to N89.696 trillion from N89.493 trillion recorded on Monday, representing 0.23 per cent increase.

Similarly, the All-Share Index (ASI) advanced by 0.23 per cent or 321.59 points, closing at 141,761.36 compared to 141,439.77 recorded at the previous session.

However, the market breadth closed negative, recording 34 losers against 27 gainers.

Legend Internet led the decliners’ table by 10 per cent, ending the session at N5.40 while Secure Electronic Technology dropped by 9.26 per cent, closing at 98k per share.

Cutix dipped by 8.97 per cent, finishing at N3.55 and UAC of Nigeria fell by 8.69 per cent, settling at N73 per share.

Similarly, Deap Capital Management shed by 8.29 per cent, closing at 1.66 per share.

On the gainers’ chart, NCR Nigeria soared by 10 per cent, finishing at N11.55 while Sky Shelter Fund grew by 9.99 per cent, settling at N301.55 per share.

Berger Paints rose by 9.06 per cent, ending the session at N34.90 and Beta Glass gained by 8.16 per cent, closing at N486 per share.

Also, Cadbury increased by 8.04 per cent, finishing at N62.50 per share.

A total of 605.02 million shares valued at N12.89 billion were exchanged across 28,845 transactions.

This is in contrast to 591.2 million shares worth N11.7 billion that was traded across 33,342 transactions.

Transactions in the shares of FCMB topped the activity chart with 89.29 million shares valued at N980.8 million.

Veritas Kapital followed with 68.5 million shares worth N154.2 million while AIICO Insurance traded 36.15 million shares valued at N152.5 million.

Secure Electronic Technology transacted 27.3 million shares worth N27.1 million and Mutual Benefits Assurance sold 23.5 million share valued at N104.9 million.