The local stock exchange recorded a marginal 0.06 per cent surge on Tuesday as the bulls and the bears engaged in a fierce battle for control of the bourse.
Business Post reports that the Nigerian Exchange (NGX) Limited experienced a mix of profit-taking and bargain-hunting, with two of the five key sectors ending in green.
According to data from Customs Street, the banking counter lost 1.30 per cent, the consumer goods sector decreased by 0.39 per cent, and the energy index tumbled by 0.09 per cent.
However, the industrial goods and the insurance indices appreciated by 1.64 per cent and 0.19 per cent, respectively, as a result of buying pressure.
Consequently, the All-Share Index (ASI) went up by 135.97 points to 218,249.81 points from 218,113.84 points, and the market capitalisation soared by N87 billion to N140.523 trillion from N140.436 trillion.
The market breadth index for the session was negative, like the preceding session, with 26 price gainers and 45 price losers, showing bearish investor sentiment.
Again, NASCON led the advancers’ group after it chalked up another 10.00 per cent to close at N171.60. Union Dicon increased by 9.92 per cent to N19.95, Lafarge Africa gained 9.64 per cent to trade at N273.00, Trans-Nationwide Express appreciated by 8.27 per cent to N7.20, and UAC Nigeria rose by 7.84 per cent to N110.00.
On the other side, Legend Internet depreciated by 9.92 per cent to N5.63, Abbey Mortgage Bank shed 9.59 per cent to quote at N6.60, Stanbic IBTC weakened by 8.96 per cent to N154.50, Access Holdings dropped 8.83 per cent to close at N29.95, and Veritas Kapital crashed by 7.50 per cent to N1.85.
On top of the activity chart yesterday was Access Holdings with 110.7 million shares sold for N3.6 billion, FCMB transacted 57.7 million equities valued at N751.5 million, Fidelity Bank exchanged 44.8 million stocks worth N1.0 billion, Zenith Bank traded 44.2 million equities for N5.5 billion, and UBA transacted 43.6 million shares valued at N2.2 billion.
At the close of trades, 842.5 million stocks worth N44.9 billion exchanged hands in 61,617 deals versus the 984.0 million stocks valued at N50.8 billion executed in 76,410 deals on Monday, indicating a shortfall in the trading volume, value, and number of deals by 14.38 per cent, 11.61 per cent, and 19.36 per cent, respectively.