Stocks Market Sustains Bullish Run, Up

Samuel Mobolaji

The equities market of the Nigerian Exchange Limited (NGX) on Tuesday extended its gaining streak to fourth consecutive session, as market capitalization rose by N14.70billion to close at N28.64trillion.

The Lagos bourse closed higher as the benchmark index gained 0.05 per cent to settle at 52,605.78 points.

Gains in Tier-1 banking names ZENITHBANK (+0.41%) and GTCO (+0.41%) were the main drivers of the market’s overall performance, outweighing losses in ACCESSCORP (-1.30%), DANGSUGAR (-0.52%) and UBN (-1.41%).

As a result, the year-to-date (YTD) return rose to 2.64 per cent.

Analysis of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 0.09 per cent.

A total of 640.97m shares valued at N7.13billion were exchanged in 5,684 deals. ACCESSCORP (-1.30%) led volume and value charts with 129.73m units traded in deals worth N1.48billion.

Market breadth closed positive at a 1.53-to-1 ratio with advancing issues outnumbering declining ones. CONOIL (+10.00%) topped twenty-two (22) others on the leader’s log while UNITYBNK (-9.26%) topped fourteen (14) others on the laggard’s table.