• Wednesday, February 28, 2024
businessday logo

BusinessDay

Market gains N31bn as stocks rally further

Cadbury,  Unilever, others cause market’s N1.57trn gain

Nigeria’s equities market on Tuesday moved further north by 0.08 percent while investors booked N31billion gain.

Investors showed further interest on consumer goods and industrial stocks amid profit taking in banking and insurance stocks. At the close of trading session on Tuesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation rose further from preceding day’s 68,279.14 points and N37.369trillion respectively to 68,334.68 points and N37.400trillion.

This week, the market has risen by 1.20percent, while this month it has risen by 2.68 percent. Beta Glass increased most from N39 to N42.90, after adding N3.90 or 10percent.

Read also: NGX ASI surpasses 68,000 mark

Sunu Assurances also went up, from 80kobo to 88kobo, adding 8kobo or 10percent. Multiverse Mining and Exploration rose from N2.70 to N2.97, adding 27kobo or 10percent.

Omatek increased from 50kobo to 55kobo, adding 5kobo or 10percent, while Oando went up from N6.10 to N6.70, gaining 60kobo or 9.84percent.

The NGX ASI had on Monday surpassed 68,000 mark.

Ahead of market open on Tuesday, analysts at Lagos-based Vetiva said; “With the spotlight currently on the banking sector, we expect another green close, as investors continue to trade on both the recently released and expected half year (H1) 2023 results in the Tier-I banking space”.

The market’s positive return year-to-date (YtD) increased to 33.33percent. UBA, Oando, Fidelity Bank, Access Corporation and Transcorp were actively traded stocks as investors in 9,818 deals exchanged 557,852,944 shares valued at N10.210billion.