The Nigerian Exchange Limited reversed its six-day losing streak on Tuesday, with investors gaining N131 billion, fueled by notable share price increases in Conoil and JohnHolt.
Both stocks rose by 9.93% and 9.92%, respectively, helping to drive the market out of the red zone.
The market had suffered a combined loss of over N1.3 trillion during the previous six sessions.
However, Tuesday’s recovery saw the NGX market capitalization increase by 0.22%, closing at N58.85 trillion, while the All-Share Index rose to 97,123.61 points. This brings the year-to-date return on market cap to 29.89%.
Trading activity was robust, with a 2.82% increase in the number of deals, a 194.37% jump in trading volume, and a 79.64% rise in trading value, reflecting renewed investor confidence.
A total of 3.60 billion shares were traded across 10,679 deals, with a total value of N25.57 billion on Tuesday. Banking and insurance stocks dominated trading volumes, with Sovereign Insurance leading the chart, recording 2.49 billion shares worth N1.42 billion in 12 transactions.
NEM Insurance followed closely, with 563.77 million shares valued at N3.95 billion, while United Bank for Africa saw 201.96 million shares traded, totaling N6.74 billion in value.
Overall, 26 stocks advanced, while 21 declined.
Conoil led the gainers on Tuesday, rising by 9.93% to close at N208.10, while JohnHolt’s shares appreciated by 9.92%, finishing at N3.99. Eunisell also saw a notable increase, gaining 9.87% to close at N6.79.
On the flip side, Oando was the top loser, dropping 9.98% to close at N72.65. Daar Communications followed with a 9.68% decline, ending the day at N0.56, while Regency Alliance Insurance lost 6.52%, closing at N0.43.
Sector performance on the Nigerian Exchange (NGX) was largely negative on Tuesday. The insurance sector fell by 1.33%, while the consumer goods and industrial goods sectors dipped by 0.05% and 0.06%, respectively. However, the banking and oil/gas sectors posted gains, rising by 3.16% and 1.55%, respectively.
A total of 124 stocks saw activity on the floor of the NGX during Tuesday’s trading session.
