The Nigerian Exchange (NGX) Limited rallied by 1.06 per cent on renewed investor confidence after surviving a run of losing streaks.
Yesterday, some performance indicators were better compared with the previous session, with the All-Share Index (ASI) chalking up 2,540.08 points to settle at 240,743.19 points versus Monday’s 238,203.11 points, and the market capitalisation gained N1.649 trillion to close at N154.484 trillion, in contrast to the preceding day’s N152.835 trillion.
As for the sectoral performance, the energy sector was down by 0.09 per cent, but the loss was offset by the gains recorded by the others.
The insurance counter grew by 2.84 per cent, the banking and the consumer goods indices rose by 0.18 per cent each, and the industrial goods segment expanded by 0.07 per cent.
Unlike on Monday, the market breadth index was positive on Tuesday, with Customs Street closing with 33 price gainers and 23 price losers, indicating bullish investor sentiment.
Guinea Insurance improved by 10.00 per cent to N1.10, International Energy Insurance advanced by 9.89 per cent to N6.11, Tripple Gee soared by 9.82 per cent to N3.69, Cornerstone Insurance climbed 9.76 per cent to N6.75, and Sovereign Trust Insurance surged by 8.63 per cent to N2.14.
On the flip side, Red Star Express dropped 9.96 per cent to trade at N24.85, Premier Paints depreciated by 9.93 per cent to N6.43, Trans-Nationwide Express declined by 9.82 per cent to N4.04, Royal Exchange shrank by 9.38 per cent to N1.45, and Abbey Mortgage Bank crashed by 9.29 per cent to N28.12.
Market activity improved during the trading day, with market participants transacting 564.9 million shares valued at N39.4 billion in 49,230 deals compared with the 475.8 million shares worth N36.5 billion traded in 63,567 deals a day earlier, implying a shortfall in the number of deals by 22.55 per cent, and a rise in the trading volume and value by 18.73 per cent and 7.95 per cent, respectively.
Fidelity Bank led the activity chart after a turnover of 59.4 million units worth N1.1 billion, Zenith Bank traded 49.5 million units valued at N5.9 billion, Dangote Sugar exchanged 43.1 million units for N3.1 billion, Chams sold 39.5 million units worth N156.5 million, and Access Holdings transacted 30.7 million units valued at N703.6 million.