Domestic equities bullish as market gains N1.662trn

The Nigerian equities market sustained bullish momentum at the second day of the week trading, gaining N1.662 trillion, as investors continued to reposition across key sectors.

Buying interest spans the banking, insurance, consumer sector among others, underscoring growing confidence in the near-term market outlook.

Market capitalization of listed equities added 1.59 per cent to N106.182 trillion from N104.520 trillion it closed on Monday.

The NGX All Share Index also appreciated by 2592.63 basis points to 165837.32 points against 263244.69 points traded on Monday.

The trading for the day was lifted by positive performance in the shares of MTN Nigeria, Wapco, Zenith Bank, GTCO Plc Transcorp, Entranzact, PZ Cusson and 48 others

An analysis of the investment showed that five companies recorded 10 per cent gains at the close of trading on Tuesday.

Caverton Business Solutions, DeapCapital, Entranzact increased by 10 per cent each to close at N7.70, N3.63 and N18.15 per unit respectively.

PZ and MTN Nigeria added 10 per cent also to close respectively at N58.30 and N605.00 per share.

On the contrary, Universal Insurance topped losers’ chart during the day, dropping by 6.25 per cent to close at N1.20 per unit, Prestige insurance trailed with a loss of 5.81 per cent to close at N1.62 per share, Regal Insurance fell by 5.17 per cent to close at N1.10 per share, Academy Press shed 5.06 per cent to close at N7.50 per unit, Royal Express down by 3.98 per cent to close at N1.93 per unit.

Volume of trades declined marginally by 18.0 million, representing 1.57 per cent as investors traded 1.131 billion shares against 1.149 billion reported the previous day. Value of transactions up by 73.97 per cent to settle at N33.549 billion in 49216 deals.

Transactions in the shares of Sovereign Trust Insurance led market activities with 343.542 million shares valued at N1.117 billion, Access Holdings company followed with 86.226 million shares cost N1.980 billion, Etranzact traded 61.104 million shares worth N1.109 billion, Linkage Assurance exchanged 49.929 million shares cost N87.999 million, Chams Plc traded 35.353 million shares valued at N139.210 million.