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Renewed buying interests drive a 1.35% gain in local stocks

Local Stocks Regain 1.35% on Renewed Buying Interests

Investors’ renewed purchasing activity increased the Nigerian Exchange (NGX) Limited by 1.35 percent on Tuesday, with consumer goods and financial companies attracting the purchases.

The consumer goods sector increased by 1.14 percent, the banking sector increased by 0.63 percent, and the industrial goods index increased by 0.02 percent. However, the insurance industry fell 0.04 percent, while the energy sector remained unchanged.

The bulls’ domination boosted the All-Share Index (ASI) by 675.72 points to settle at 50,626.04 points, up from 49,950.32 points on Monday. In turn, the market capitalisation increased by N365 billion to N27.301 trillion, up from N26.936 trillion the previous day.

At the market yesterday, nine stocks depreciated in price compared with the 19 stocks that gained points and were led by Honeywell Flour, which rose by 9.66 per cent to N2.27. Jaiz Bank appreciated by 9.46 per cent to 81 Kobo, Caverton improved by 8.18 per cent to N1.19, Japaul expanded by 8.00 per cent to 27 Kobo, while Axa Mansard rose by 7.56 per cent to N1.85.

Conversely, McNichols was the biggest price loser as its value went down by 9.76 per cent to settle at 74 Kobo, Coronation Insurance fell by 9.76 per cent to 37 Kobo, Chams depreciated by 8.00 per cent to trade at 23 Kobo, NGX Group declined by 2.73 per cent to sell at N21.35. In comparison, UBA decreased by 2.08 per cent to close at N7.05.

During the session, investors bought and sold 129.2 million equities worth N2.9 billion in 4,706 deals, in contrast to the 176.1 million equities worth N2.3 billion transacted in 4,965 deals a day earlier. This showed that the trading volume fell by 26.63 per cent, the number of deals fell by 5.22 per cent, and the trading value increased by 25.99 per cent.

FBN Holdings was the most traded stock on Tuesday as it sold 14.6 million units valued at N159.6 million, Multiverse transacted 9.5 million units worth N18.0 million, GTCO sold 9.4 million units valued at N191.0 million, Zenith Bank exchanged 9.3 million units worth N196.3 million. In comparison, AIICO Insurance traded 6.4 million units valued at N3.8 million.

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