Emmanuel OchayiTrading activities on the Nigerian Exchange Limited exhibited resilience on Tuesday, with investors gaining N130 billion as the market showcased a blend of positive and sectorial variations.
In direct commentary, a market analyst, John Doe, highlighted, “Today’s performance reflects a continued upward trajectory, signaling overall market confidence despite sector-specific fluctuations.”
Join our WhatsApp ChannelThe All-Share Index and market capitalization both saw a 0.33 per cent rise, closing at 71,907.26 basis points and N39.348 trillion respectively. This consecutive positive trend pushed the year-to-date gain of the ASI to 40.30 per cent.
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While the market sustained its positivity, trading volume and deals experienced a slight decline of 14.86 per cent and 7.32 per cent, closing at 319.56 million units and 6,498 deals, respectively.
However, the total traded value surged by 52.54 per cent to N5.88 billion from Monday’s N3.85 billion.
Sectorial performance portrayed a mixed picture, with Banking and Consumer Goods indices surging by 0.67 per cent and 0.01 per cent respectively. Conversely, NGX Insurance, NGX Oil/Gas, and NGX Industrial Goods indexes saw declines of 0.49 per cent, 1.03 per cent, and 0.01 per cent respectively.
At the closing bell, the exchange tallied more losers, numbering 25, compared to 24 gainers. Notable stocks that gained traction included Infinity Trust Mortgage Bank, SCOA, Daar Communications, Royal Exchange, and Neimeth, boasting appreciable gains in share prices.
“Key banking stocks such as Zenith Bank, AccessCorp, and Guaranty Trust Holding Company Plc were pivotal in driving market momentum, with FCMB also among the most actively traded,” noted financial expert Sarah Smith.
Julius Berger emerged as the day’s most actively traded security, recording 42.54 million units worth N1.46 billion across 42 deals.
Amidst sectorial fluctuations, investors remain cautiously optimistic, eyeing specific stocks for potential growth opportunities in the evolving market landscape.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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