Nigerian Stocks market rose today by 0.36% to 40,295.95 index points amid renewed buying activity on Tuesday.
Trading in the Nigerian Stock market started the day on a positive note, as investors gained N8.10 billion coupled with market capitalization settled at N21.06 trillion as against an opening of N20.99 trillion.
- Consequently, Year-to-Date (YTD) moderated to 0.06%.
- The sectoral performance was positive as three out of the five indices tracked closed green; the NSE Insurance, NSE Industrial, and NSE Consumer Goods indices increased by 3.61%, 0.99 %, and 0.36% respectively.
- On the flip side, the NSE Banking and Energy indices moderated by 0.62% and 0.05 respectively.
- Activities at the Nigerian Stock Exchange (NSE) improved as the total volume traded increased. A total volume of 1.16 billion units of shares, valued at N7.96billion exchanged hands in 5,591 deals.
- Market sentiment, as measured by market breadth, was also positive as 27 stocks gained, relative to 20 losers.
Top gainers
- NASCON up 10.00% to close at N15.95
- ARDOVA up 9.75% to close at N19.7
- MAYBAKER up 7.24% to close at N3.85
- DANGCEM up 2.22% to close at N230
- DANGSUGAR up 1.55% to close at N19.65
Top Losers
- OANDO down 5.41% to close at N3.5
- GUARANTY down 1.07% to close at N32.5
- JBERGER down 1.12% to close at N17.7
- UBA down 1.12% to close at N8.8
- MTNN down 0.12% to close at N165
Outlook
Nigerian Stocks recorded impressive gains amid soaring crude oil prices.
NASCON and Ardova Plc topped the gainers’ list having advanced by 10% and 9.75% respective growth, while Oando and Jberger recorded the largest losses of the day after depreciating by 5.41% and 1.12% respectively.
- Investors are rushing into Nigerian Stocks on the hunt for alpha-yielding investments in the face of increasingly negative real returns in the debt market that remain positive for Nigerian equities.
- That said, Nairametrics advises investors to trade stocks that exhibit good fundamentals amid growing political uncertainty in spite of the fact that investors await Q3 earnings across the market spectrum.
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