The Nigerian Exchange Limited set new records at the close of trade on Tuesday, as the benchmark index, the All-Share Index, increased by 3.93 per cent to a new high of 87,971.09 points.
The PUNCH reported that similarly, the market capitalization increased by the same proportion to close at N48.139tn, marking another milestone and resulting in a gain of N1.8tn for investors on the local exchange.
The bullish trend was driven by price appreciation in large and medium-capitalized stocks such as Dangote Sugar, Nascon Allied Industries, Berger Paints, Flour Mills, Honeywell Flourmills, Lafarge Africa, Nigerian Breweries, Transcorp, Universal Insurance Plc, FTN Cocoa, and Sterling Financial Holdings Company Plc. All these equities appreciated by 10 per cent at the close of trading.
FBN Holdings has once again surpassed the N1 trillion market capitalization threshold, reaching N1.053 trillion. It crossed last week before dropping below the market.
According to market breadth, market sentiment was favourable, with 77 companies rising and 10 stocks falling.
Royal Exchange Plc, on the other hand, lead the losers’ chart, falling 8.16 per cent to settle at N0.90 per share. Multiverse dropped 6.59 per cent to N17, Ellahlakes fell 4.79 per cent to N3.38, Oando Plc fell 3.60 per cent to N12.05 a unit, and UACN fell 3.13 per cent to N15.50 per share.
The stocks of JaizBank, AIICO, FCMB Group, Transcorp, Nascon, and NB topped the day’s market trend in terms of volume and value.
The day’s transaction volume was 1,09 billion, up from 807.51 million the day before, with trades valued at N16.04 billion from 14,835 deals conducted. The number of stocks exchanged was 123.
