The domestic stock market rebounded by 0.40 per cent on Tuesday following renewed bargain-hunting by investors.
The Nigerian Exchange (NGX) Limited returned to winning ways after three of the five key sectors of the bourse pointed north.
The consumer goods index appreciated by 0.24 per cent, the industrial goods counter advanced by 0.20 per cent, and the energy sector grew by 0.08 per cent, overpowering the 3.64 per cent loss posted by the insurance segment, and the 1.76 per cent decline suffered by the banking space.
One of the major drivers of the growth achieved by Customs Street yesterday was MTN Nigeria.
The All-Share Index (ASI) went up by 803.35 points to 201,287.78 points from 200,484.43 points, and the market capitalisation increased by N516 billion to N129.210 trillion from N128.694 trillion.
Multiverse topped the gainers’ chart after it chalked up 9.88 per cent to close at N18.35, International Energy Insurance improved by 9.49 per cent to N3.23, Chams surged by 8.40 per cent to N4.39, MTN Nigeria appreciated by 5.85 per cent to N760.00, and PZ Cussons soared by 4.59 per cent to N82.00.
On the flip side, NPF Microfinance Bank led the losers’ group after it gave up 10.00 per cent to sell for N6.30, SAHCO tumbled by 9.97 per cent to N143.10, Zichis lost 9.96 per cent to quote at N13.65, Mutual Benefits declined by 9.91 per cent to N4.09, and RT Briscoe slipped by 9.90 per cent to N9.65.
Business Post reports that the market breadth index remained negative after Customs Street ended with 22 price gainers and 47 price losers, indicating weak investor sentiment.
The busiest stock for the day was Wema Bank with a turnover of 184.1 million units valued at N4.8 billion, VFD Group sold 103.6 million units for N1.2 billion, Secure Electronic Technology traded 59.3 million units worth N63.8 million, Chams exchanged 38.6 million units for N152.0 million, and Access Holdings transacted 27.8 million units worth N720.1 million.
At the close of trades, market participants bought and sold 887.7 million equities valued at N35.6 billion in 53,436 deals versus the 593.3 million equities worth N25.7 billion traded in 60,311 deals on Monday.
This implied that the number of deals receded by 11.40 per cent, and a rise in the trading volume and value by 49.62 per cent and 38.52 per cent, respectively.