Stocks Market Sustains Bullish Run, Up N71.70bn

Samuel Mobolaji

The equities market of the Nigerian Exchange Limited (NGX) on Tuesday extended the bullish run as the market capitalization rose by N71.70 billion to close at N29.68 trillion, compared to N29.611 trillion it recorded on Monday and N29.590 trillion it stood in the last trading session for last week.

Also, the benchmark index gained 0.24 per cent to settle at 54,496.31 points, amidst gains in MTNN (+1.49%), WAPCO (+0.77%) and ACCESSCORP (+1.09%), who were the main drivers of the market’s overall performance, outweighing losses in BUAFOODS (-0.13%) and ZENITHBANK (-1.36%).

As a result, the year-to-date (YTD) return rose to 6.33 per cent, while market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 80.23 per cent.

A total of 177.92m shares valued at N5.69billion were exchanged in 3,617 deals. BUAFOODS (-0.13%) led the volume and value charts with 50.00m shares traded in deals worth N3.72billion.

Market breadth closed negative at a 1.21-to-1 ratio, with declining issues outnumbering advancing ones. LIVESTOCK (-5.45%) led sixteen (16) others on the laggard’s table, while COURTVILLE (+8.33%) topped fourteen (14) others on the leader’s log.