On Tuesday, the Nigerian equity market witnessed a notable uptick to reverse the previous day’s loss with the All-Share Index (ASI) soaring by 0.35 percent to reach 98,225.63 basis points.
Notably, renewed demand for index heavyweight, MTN Nigeria Communications alongside Zenith Bank and First Bank of Nigeria Holdings kept the market in the green.
As a result, the Month-to-Date (MTD) and Year-to-Date (YTD) returns printed -6.1 percent and +31.4 percent, respectively.
Consequently, the market capitalization of listed equities experienced a significant upswing, leaping by N149 billion to settle at a robust N55.55 trillion.
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As measured by market breadth, market sentiment was positive, as 26 tickers gained relative to 18 losers.
On the performance board, CAP and UACN recorded the highest gains of the day having appreciated in share value by 10.0 percent, respectively, while Dangote Sugar and CWG topped the losers’ list as their share prices declined in value by 10.0 percent, respectively.
However, despite the overall positive sentiment, there were pockets of decline, particularly in the Consumer and Industrial Goods indices, which dipped by 0.80 percent and 0.35 percent , respectively.
Nonetheless, the Banking, Insurance, and Oil/Gas sectors experienced gains of 1.70 percent, 0.15 percent, and 1.07 percent, respectively, underscoring the market’s resilience.
Analysis of market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 193.52 percent.
A total of 552.21 million shares valued at N14.92 billion were exchanged in 9,350 deals.
GTCO was the toast of investors on Tuesday to emerge the day’s champion, dominating both volume and value with 245.46 million units worth N7.95 billion traded in 470 deals.
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