Equity market gains N1.823trn
Trading activities on the floor of Nigerian Exchange (NGX) started on a strong bullish note Tuesday following increased buying interests across the low, medium and large cap stocks as earnings reporting season drew closer.
The NGX All Share index closed higher, increasing by 3330.21 basis points as it makes another new historic milestone of breaking out strong resistance level of 84640.89 point traded on Monday to close at 87971.10 points in the midst of high volatility and positive momentum to trade above the short and long term Moving averages.
Market capitalisation of listed equities also increased by N1.823 trillion or 3.94 per cent to N48.139 trillion from N46.316 trillion reported the previous day.
Operators said that portfolio rebalancing on the exchange continued as earnings and the dividend season drew closer with unaudited fourth quarter results hitting the market any moment from now.
An analysis of the investment showed that 10 companies recorded price appreciation of 10 per cent each at the close of trading.
Dangote Sugar, Flour mill Nigeria Plc, Sterling Bank gained 10 per cent each to close at N81.40, N45.10 and 7.59 per share respectively. Nascon, International Breweries, Berger Paint also grew respectively by 10 per cent to close at N71.50 per share, N5.83 and N15.40 per unit.
On the contrary, Royal Express topped losers chart, dropping by 9.18 per cent to close at N0.89 per unit, Multiverse trailed with a loss of 6.59 per cent to close at N17.00, EllaLakes down by 4.79 per cent to close at N3.38 per share, C&I Leasing fell by 4.55 per cent to close at N4.20 per share, Oando Plc declined by 3.20 per cent to close at N12.10 per unit.
Volume of activities went up by 258.493 million, representing 32.01 per cent as investors exchanged 1.066 billion shares valued at N15.767 billion in 14505 deals.
Transactions in the shares of Jaiz Bank led market activities with 147.637 million shares valued at N497.485 million, AIICO Insurance followed with account of 98.495 million shares worth N128.340 million, FCMB group traded 61.073 million shares cost N735.894 million, Sterling Bank exchanged 55.838 million shares valued at N417.077 million, Transnational Corporation of Nigeria sold 48.666 million shares cost N770.582 million
