Stock market fails to stay on loss path

Nigeria’s equities market failed to sustain previous day’s loss after rising by 0.08 percent or N32billion at the close of trading Tuesday.

Insurance, banking and industrial stocks helped market to reroute north after the negative take off this week.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its market capitalisation increased from preceding day’s lows of 71,008.7 points and N39.050trillion respectively to 71,066.64 points and N39.082trillion. This year’s return increased to 38.66 percent.

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Learn Africa rallied most from N2.80 to N3.08, adding 28kobo or 10 percent. It was followed by Mecure which rose from N6.30 to N6.93, adding 63kobo or 10percent.

Also, NNFM went up from N26.25 to N28.85, adding N2.60 or 9.90percent, while Cadbury increased from N13.80 to N15.15, up by N1.35 or 9.78 percent.

Unity Bank, Universal Insurance, Mutual Benefit, Japaul Gold and Veritas Kapital Assurance were actively traded stocks on Tuesday.

In 6,549 deals, investors exchanged 491,397,660 shares valued at N3.221billion.