The Nigerian Exchange (NGX) closed trading on Tuesday in green to halt the six-day consecutive bearish trend with a marginal growth of N3 billion.
The market upturn was due to investors’ renewed buying interest in the financial and industrial sectors.
Consequently, the market capitalization inched higher by N3 billion or 0.01 percent to close at N20.278 trillion from N20.275 trillion achieved on Monday.
Also, the All-Share Index grew by 4.88 points or 0.01 percent to close at 38,920.50 against 38,915.62 on Monday.
The market positive performance was driven by price appreciation in large and medium capitalized stocks which are; UACN, Dangote Sugar Refinery, Africa Prudential, Oando, and University Press.
Analysts at Afrinvest Limited said that “In the next trading session, we anticipate a negative performance as market remains short of a positive catalyst.”
However, the market breadth closed negative recording 21 losers as against 14 gainers.
UACN Property Development Company led the gainers’ chart in percentage terms by 9.93 per cent to close at N1.66 per share.
Academy Press followed with 8.33 percent to close at 39k, while Courteville Business Solutions appreciated by 7.41 percent to close at 29k per share.
Vitafoam went up by 3.88 percent to close at N17.40, while Livestock Feeds appreciated by 2.88 percent to close at N2.14 per share.
On the other hand, Sovereign Trust Insurance led the losers’ chart in percentage terms by 7.41 per cent to close at 25k per share.
NSE market indices drop further by 0.10% as profit taking persists
University Press followed with 6.42 per cent to close at N1.02, while Regency Alliance Insurance shed 6.25 per cent to close at 45k per share.
UACN lost 4.85 per cent to close at N9.80, while Chams declined by 4.55 percent to close at 21k per share.
Meanwhile, the total volume rose by 13.6 percent to 228.48 million shares worth N1.88 billion traded in 3,376 deals.
This was in contrast with 201.10 million shares valued at N2.53 billion achieved in 3,340 deals on Monday.
Transactions in the shares of Wema Bank topped the activity chart with 46.76 million shares worth N35.97 million.
Access Bank followed with 28.24 million shares valued at N263.49 million, while the United Bank of Africa sold 17.77 million shares worth N135.08 million.
Mutual Benefits Assurance traded 17.24 million shares valued at N4.88 million, while Fidelity Bank transacted 14.80 million shares worth N36.07 million.
