The Nigerian stock market on Tuesday bounced back from bearish territory as investors recorded a massive N917 billion gain.
This comes as data from Nigerian Exchange Limited showed that the market capitalization on Tuesday rose by 0.57 percent, or N917 billion, increasing from N160.362 trillion to N161.279 trillion.
Similarly, the All-Share Index (ASI) gained 1,430.59 points, or 0.57 percent, rising from 250,204.83 to 251,635.42. As a result, the Year-to-Date (YtD) return strengthened to 61.71 percent.
However, in spite of the positive performance, market breadth closed negative with 33 losers against 27 gainers.
On the gainers side, FTN Cocoa Processors Plc led with a gain of 10 percent to close at N9.79 per share. Followed by Zichis Agro-Allied Industries Ltd. with an increase of 9.97 per cent to settle at N29.13, while Skyway Aviation Handling Company Plc appreciated by 9.79 per cent to close at N156.95 per share.
On the flipside, Unilever Nigeria Plc led the losers’ chart with a decline of 10 percent, closing at N153 per share. Unilever Nigeria PLC was trailed by Trans-Nationwide Express Plc and Sovereign Trust Insurance Plc, respectively.
Further analysis of the market activity revealed an overall decline in market volume, value, and deals as 703.95 million shares worth N32.15 billion were traded in 64,539 transactions.
This is in contrast with the previous day’s 800.46 million shares valued at N37.05 billion that were exchanged across 87,096 deals.
Access Holdings Plc recorded the highest trading volume with 88.41 million shares exchanged, representing 12.56 percent of the day’s total volume traded. Meanwhile, Zenith Bank Plc posted the highest value of traded stocks at N3.99 billion, accounting for 12.42 percent of the market’s total traded value for the day.
Nigerian stock market bounces back as investors record N917bn gain