The Nigerian equities market extended the previous day’s positive sentiment following bargain hunting in First Bank of Nigeria Holdings and Transnational Corporation, whose share prices appreciated by 9.9 per cent and 10.0 per cent, respectively.
Specifically, on Tuesday, the All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) notched a 0.4 per cent gain to close at 99,190.46 basis points.
Consequently, the Month-to-Date and Year-to-Date returns settled at -0.8 per cent and +32.7 per cent, respectively.
As a result of the bullish trading outing, equities investors gained N193.69 billion as the market capitalization closed at N56.08 trillion by the end of trading activities on Tuesday.
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As measured by market breadth, market sentiment was negative, as 37 tickers lost relative to 8 gainers.
On the performance board, NASCON Industries and International Breweries topped the losers’ list having declined by 10.0 per cent, respectively, while Transnational Corporation and Transcorp Power recorded the most significant gains of the day after their respective share prices appreciated by 10.0 per cent.
From a sectoral perspective, the Insurance and Consumer Goods indices declined by 3.2 per cent and 0.8 per cent, respectively, while the Banking index advanced by 1.1 per cent.
Meanwhile, the Industrial Goods and Oil & Gas indices closed flat.
Analysis of market activities for the day under review showed trade turnover settled higher relative to the previous session, with the value of transactions up by 59.55 per cent.
A total of 398.13 million shares valued at N31.79 billion were exchanged in 10,976 deals.
Transcorp Power led both the volume and value charts with 87.49 million units traded in deals worth N25.41 billion.
