Zenith, UBA, Others Gain As ASI Hits 60,000 Mark

On Tuesday, the Nigerian equities market continued its bullish run, with market indicators showing a 1.30 per cent appreciation.

The All Share Index (ASI) of the Nigerian Exchange Limited (NGX) surpassed the 60,000-point mark, closing at 60,108.86 basis points, driven by sustained bargain-hunting activities in the banking sector. As a result, the Month-to-Date and Year-to-Date returns increased to +7.8 per cent and +17.3 per cent, respectively.

Notably, large-cap stocks such as Guaranty Trust Holding Company, United Bank for Africa, Zenith Bank, Total Energies, Seplat Energies, Lafarge Africa, MTN Nigeria Communication, and Nigerian Breweries were the top performers of the day, with their respective share prices rising by 5.20 per cent, 4.70 per cent, 4.62 per cent, 4.17 per cent, 2.93 per cent, 2.77 per cent, and 2.21 per cent. As a result, equities investors collectively earned N421.19 billion, and the market capitalization settled at N32.73 trillion by the end of the day’s trading activities.

Market breadth indicated a positive sentiment, with 51 tickers recording gains compared to 13 losses. Coutville and Omatek topped the list of gainers, appreciating by 10.0 per cent each, while RedStar Express and C&I Leasing recorded the highest losses of the day, with their respective share prices dipping by 10.0 per cent and 9.8 per cent.

In terms of sector performance, all five tracked indices closed in the green zone. The NGX Banking, NGX Insurance, NGX Consumer Goods, NGX Oil/Gas, and NGX Industrial indices rose by 3.50 per cent, 0.15 per cent, 0.40 per cent, 3.21 per cent, and 0.17 per cent, respectively.

However, market activity at the local bourse was relatively subdued on Tuesday, with trade turnover lower compared to the previous session. The value of transactions declined by 4.01 per cent, with a total of 763.70 million shares valued at N12.53 billion exchanged in 9,463 deals. Access Holdings led the volume chart with 111.67 million units traded, while Guaranty Trust Holding Company led the value chart with deals worth N2.69 billion.

(Tribune)

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