Nigeria’s stock market recorded another positive trading session on Tuesday June 2 as investors raised bets in value stocks like Dangote Cement Plc, GTBank Plc and MTNN Plc.
Cummulatively, investors gained about N48billion while the benchmark performance indicator – the Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by further by 0.27 percent.
FBNQuest analysts had expected the market to trade sideways on Tuesday, while their counterparts at Vetiva expected the domestic bourse to continue to enjoy positive patronage even in the face of the continued spread of Covid-19, as well escalating tension between the US and China.
This week alone, the market has advanced by 0.46 percent. The market’s year-to-date (YtD) negative returns stands at -5.43 percent.
The NSEASI increased to 25,383.43 points from 25,316.15 points, while stocks value increased to N13.24trillion grom N13.19trillion.
Dangote Cement Plc share price moved from N139 to N141, adding N2 or 1.44 percent while GTBank increased from N24.55 toN25.1, up by 55kobo or 2.24 percent. Likewise, MTNNN went up from N116 to N116.5, adding 50 percent or 0.43percent.
In 4,585 deals, equity dealers exchanged 377,882,717 units valued at N6.058billion. Nigerian Breweries, GTBank, Zenith Bank, FBN Holdings were actively traded stocks on the Bourse.
The market may record another positive close on Wednesday, though investors should not ignore the possibility of profit taking following recent gains.