NSE index rises by 2.23%, 17 gainers emerge

NSE index rises by 2.23%, 17 gainers emerge
Trading floor of NSE

Activities at the Nigerian Stock Exchange closed on a positive note on Tuesday as 17 stocks gained, boosting the NSE All-Share Index by 2.23 per cent.

A total of 128.160 million shares worth N1.472bn were traded in 2,978 deals.

The NSE market capitalisation rose to N8.696tn from N8.507tn, while the ASI closed at 25,129.27 basis points from 24,581.99 basis points.

Tuesday’s performance reversed that of Monday and pegged the year-to-date return at –6.49 per cent. There were 18 losers in the day.

Transnational Corporation of Nigeria Plc was the top gainer for the day, advancing by 7.14n per cent to close at N0.75. This was followed by Guinness Nigeria Plc, Dangote Cement Plc, Paints and Coatings Manufacturers Nigeria Plc and Dangote Flour Nigeria Plc, which appreciated by 4.97 per cent, 4.92 per cent, 4.84 per cent and 4.11 per cent, accordingly.

However, Africa Prudential Registrars Plc declined by the highest margin(five per cent) to close at a year low of N2.28. This was followed by Aiico Insurance Plc, Meyer Plc, Unity Bank Plc and Caverton Offshore Support Group Plc, which declined by 4.76 per cent, 4.60 per cent, 4.29 per cent and 4.12 per cent, respectively.

All the indices closed the day on a positive note, except the NSE Insurance index, which declined by 0.11 per cent. The NSE Industrial, Banking, Food/Beverage and Oil/Gas Indices gained 2.32 per cent, 1.82 per cent, 1.46 per cent and 0.07 per cent, respectively

“We posit that the day’s gain was as a result of bargain hunting on some large cap stocks that are currently trading below their intrinsic values, with Dangote Cement reversing some of Monday’s loss,” analysts at Meristem Securities said.

Meanwhile, another Open Market Operation auction was conducted by the Central Bank of Nigeria on Tuesday, with sales worth N16bn mopping up system liquidity at the close of trades.

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