The Nigerian stock market soared by 1.03 per cent at the close of trading on the floor of the Nigerian Stock Exchange on Tuesday as 21 gainers emerged.
A total of 244.315 million shares worth N3.672bn exchanged hands in 3,829 deals, with 22 stocks making the losers’ chart.
The NSE market capitalisation appreciated to N12.739tn from N12.609tn, as the All-Share Index closed at 36,962.48 basis points from 36,584.44 basis points.
The day’s gain pushed the year-to-date return to 37.54 per cent. But, the market turnover and volume traded dipped by 41.45 per cent and 33.68 per cent, respectively.
Commenting on the market performance, analysts at Afrinvest Securities, in a brief, said, “The positive performance was on account of gains of 4.3 per cent in Dangote Cement Plc. Ex-Dangote Cement, the benchmark index would have declined 0.3 per cent.
“While the equities market has continued to ride on the positive developments in the economy, the negative performance experienced in previous sessions presents a potential upside for investors to source for bargain. Hence, we envisage a rebound in investors’ sentiment in subsequent trading sessions.”
Caverton Offshore Support Group Plc and Total Nigeria Plc were the best performing stocks, advancing by five per cent each to close at N1.05 and N239.51, respectively.
This was followed by C & I Leasing Plc, UAC Property Development Company Plc and Skye Bank Plc, which appreciated by 4.85 per cent, 4.73 per cent and 4.69 per cent, accordingly.
Leading the losers’ chart, however, were Conoil Plc, Neimeth International Pharmaceutical Plc, Mobil Nigeria PLc, UACN Plc and May & Baker Nigeria Plc.