Investors in the Nigerian stock market saw significant gains on Tuesday as the value of stocks increased by more than N426 billion. This surge was driven by strong performances from key companies like Dangote Cement and Transcorp, which helped boost the overall market......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
According to data from the Nigerian Exchange (NGX), the market’s key performance indicators rose by 65 basis points. Dangote Cement saw its stock price increase by 5.3%, while Transcorp recorded an impressive 8.9% gain. This upward trend pushed the All-Share Index (ASI) up by 0.7%, bringing it to 106,574.98 points. As a result, the returns for investors have improved, with the month-to-date gain reaching 2.0% and the year-to-date return standing at 3.5%.
Stockbrokers reported that investors showed a strong interest in medium- and large-cap stocks, including Eterna, VFD Group, Beta Glass, and Transcorp. While the total number of shares traded decreased by 15.63%, the total value of stocks transacted on the NGX increased by 12.95%, showing that investors were willing to spend more on high-value stocks.
A total of 478.61 million shares, worth about N11.76 billion, were traded in 15,561 transactions. Among these, Access Holdings led the market in terms of trading volume, accounting for 8.10% of all shares traded. Other heavily traded stocks included Transcorp (7.37%), Veritas Kapital (5.44%), AIICO Insurance (4.48%), and Zenith Bank (4.35%). However, in terms of total value, Transcorp was the most actively traded stock, contributing 17.93% of the total market transactions.
Several companies recorded notable price increases. Ellah Lakes led the pack with a 10% price appreciation, followed by Honeywell Flour (+9.93%), Eterna (+9.93%), Academy Press (+9.70%), Ikeja Hotels (+9.31%), and Smurfit (+9.09%). In contrast, some stocks saw a decline. International Energy Insurance led the losers’ chart with a price drop of -9.78%, while Sovereign Trust Insurance (-9.02%), Neimeth Pharmaceuticals (-5.03%), Nigerian Breweries (-5.00%), Cutix (-2.99%), and Oando (-0.99%) also recorded losses.
The market showed an overall positive performance, with 39 stocks gaining and 25 stocks declining. Three out of the five major market sectors recorded growth: the industrial sector rose by 2.40%, the banking sector gained 0.44%, and the insurance sector increased by 0.19%. However, the consumer goods sector fell by 0.52%, while the oil & gas sector dropped slightly by 0.02%.
In summary, the Nigerian stock market gained N426.38 billion on Tuesday, reflecting a 0.65% increase, bringing the total market capitalization to N66.50 trillion.