Nigeria’s equities market moved further north by 0.15 percent on Tuesday as stocks like Northern Nigeria Flour Mills and Beta Glass pushed the local bourse higher.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation increased from preceding day’s lows of 104,630.3 points and N64.791 trillion respectively to 104,788.35 points and N64.889 trillion.
Ahead of Tuesday’s trading session, market watcher said the market sentiment will remain driven by the latest full year earnings results.
Read also: These stocks made NGX to gain N1.95trn in January
“Investors look to these results for guidance on where to take positions in the market,” Vetiva analysts said.
Beta Glass rose from N78.65 to N86.50, adding N7.85 or 9.98 percent. NNFM moved from N66.65 to N73.30, up by N6.65 or 9.98 percent. Chellaram advanced from N7.18 to N7.89, adding 71kobo or 9.89 percent; while Red Star Express increased from N5 to N5.50, adding 50kobo or 10 percent.
“Last week, the domestic equity market continued its positive momentum with the NGX All-Share Index (NGXASI) advancing by 0.87 percent to close at 104,496.12 points, up from 103,598.30 points in the prior week.
“The market’s bullish performance was driven by strong earnings reports and the listing of additional shares in the banking sector, as investors positioned themselves ahead of anticipated dividend payouts,” Futureview research analysts said.
“We expect the local bourse to perform bullish this week, fueled by strong interest in solid stocks and dividend positioning,” the analysts further said.
Investors in 14,600 deals exchanged 471,707,851 shares worth N19.889billion. FBN Holdings, Zenith Bank, Universal Insurance, UACN, and GTCO were actively traded stocks.
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