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Bulls continue to rise as investors make N129.9 billion

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Bullish sentiments continued at the Nigerian Exchange Limited (NGX) on Tuesday as investors’ interest in MTN Nigeria Communication triggered a 0.3 per cent increase in the benchmark index.

Eventually, the NGX All Share Index (ASI) closed at 71,907.26 basis points, while the Month-to-Date and Year-to-Date returns increased to +0.8 per cent and +40.3 per cent, respectively.

Owing to the persistent bullish trading sessions, equities investors earned N129.88 billion as the market capitalisation settled at N39.35 trillion at the end of trading activities on Tuesday.

As measured by market breadth, market sentiment was mixed as 24 tickers lost relative to 23 gainers. On the performance board, Guinea Insurance and Conoil recorded the highest losses of the day after their respective share prices dipped by 10.0 percent and 9.8 percent, while Infinity and SCOA topped the gainers’ list having appreciated in share value by 9.8 percent and 9.5 percent, respectively.

Analysis on sector basis indicated that the Oil & Gas and Insurance indices settled lower having declined in value by 1.0 percent and 0.5 per cent, respectively, while the Consumer Goods and Industrial Goods indices closed flat. The Banking index was the sole gainer of the day having appreciated in value by 0.7 per cent.

Analysis of market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 52.54 per cent.

A total of 319.56 million shares valued at N5.88 billion were exchanged in 6,498 deals. Julius Berger led both the volume chart and the value chart with 42.54 million units traded in deals worth N1.46 billion.

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