NGX-ASI up 0.29% as stock pickers favour E-Tranzact, others

Nigeria’s equities market increased by 0.29 percent on Tuesday, its second gain this week, as investors showed interest in stocks like E-Tranzact International, Mecure, and Regency Assurance.

The shares of E-Tranzact International rallied most on the Bourse following disclosure that the Federal Inland Revenue Service (FIRS) has approved the company as a certified provider for its nationwide e-invoicing rollout. The stock moved from N11.30 to N12.40, adding N1.10 or 9.73 percent.

Read also: FIRS approves eTranzact for nationwide e-invoicing

The share price of Mecure, another major gainer on Tuesday, went up from N19.65 to N21.60, adding N1.95 or 9.92 percent; while Regency Assurance rose from N1.30 to N1.43, adding 13kobo or 10 percent. Likewise, investors’ interests in stocks like Deap Capital Management & Trust pushed the price up from N1.68 to N1.84, adding 16kobo or 9.52 percent.

Ahead of Tuesday’s trading, Lagos-based Vetiva research analysts in their views on what shapes the market, had expected the direction to be determined by whether the profit-taking in the high-volume banking space subsides or the positive momentum from the insurance and consumer goods sectors can spread across the broader market.

“Given the considerable turnover, liquidity remains high, but sentiment is clearly mixed. We can expect this stock-picker’s environment to persist, with the market’s overall direction hinging on the resolution of these opposing sectoral forces,” the analysts had said.

Read also: NGX lifts trading suspension on Universal Insurance shares

The Nigerian Exchange Limited (NGX) All Share Index (ASI) and equities market capitalisation rose preceding day’s 139,394.75 points and N88.199 trillion, respectively, to 139,796.11 points and N88.453 trillion.

In 25,334 deals, investors exchanged 659,170,368 shares worth N12.5billion. FCMB, Universal Insurance, First Holdco, Regency Assurance and Access Holdings were actively traded stocks on Tuesday.