Stock market index appreciates by 0.01%

The equities market closed on a positive note on Tuesday as the Nigerian Stock Exchange All-Share Index rose marginally by 0.01 per cent.

A total of 255.774 million shares valued at N2.081bn were traded in 2,480 deals.

The NSE market capitalisation appreciated to N8.833tn from N8.831tn, while the NSE ASI closed at 25,673.80 basis points from 25,671.23 basis points. The NSE ASI advanced marginally to settle the year-to-date return at -10.36 per cent.

There were 17 advancers as against 20 losers in the day’s trading.

While volume traded surged by 47.07 per cent, the value of transaction declined by 12.77 per cent. The volume of transaction was driven by Wema Bank Plc as over 100 million units of the counter were traded.

Forte Oil Plc, Transnational Corporation of Nigeria Plc, Portland Paints and Products Nigeria Plc, Caverton Offshore Support Group Plc and NEM Insurance Company Nigeria Plc were the top gainers, after the respective counters appreciated by 10.24 per cent, 7.32 per cent, 4.81 per cent, 4.44 per cent, and 4.17 per cent.

On the other hand, Oando Plc, Transcorp Hotels Plc, Avon Crowncaps and Containers Plc, Vitafpoam Nigeria Plc and Flour Mills Nigeria Plc led the underperformers, following 9.43 per cent, 4.96 per cent, 4.55 per cent, 4.39 per cent, and 3.63 per cent share price decline, correspondingly.

Market performance, according to NSE sector indices, showed that the oil and gas sector appreciated by 0.59 per cent; the insurance sector appreciated by 0.51 per cent and the banking stocks appreciated by 0.02 per cent; while the food/beverage and industry stocks pared at the end of the trading session.

“We attribute the marginal gains recorded today to bargain hunting on some stocks, as value seeking investors continue to take advantage of value stocks that are trading below their fundamental prices,” analysts at Meristem Securities Limited said in the firm’s daily market report.