The equities market of the Nigerian Exchange Limited (NGX) on Tuesday saw a surge in bullish momentum, propelled by renewed interest in Prescoe Plc and 71 others, which drove the major index above 83,000 basis points.
As a result, the All-Share Index (ASI) gained 2,863.26 points or 3.56 percent to close at 83,191.84 basis points. Also, market capitalisation rose by N1.567 billion to close at N45.524 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are Presco, Dangote Cement, MTN Nigeria Communications (MTNN), BUA Foods, and Transcorp Hotels.
As measured by market breadth, market sentiment was positive, as 72 stocks gained relative to 13 losers. Cadbury Nigeria, FBN Holdings (FBNH), FTN Cocoa Processors, Guinea Insurance, Mutual Benefits Assurance, Unilever Nigeria, and Universal Insurance emerged as the highest price gainer of 10 percent each to close at N18.15, N28.60, N2.20, 44 kobo, 77 kobo, N18.15 and 33 kobo respectively, per share.
Wema Bank and Zenith Bank followed with a gain of 9.99 percent each to close at N8.92 and N47.35, while International Breweries advanced by 9.98 per cent to close at N5.29, per share.
On the other side, TotalEnergies Marketing Nigeria led others on the losers’ chart with 10 percent to close at N346.50, per share. DAAR Communications followed with a decline of 9.40 percent to close at N1.06, while R.T. Briscoe Nigeria shed 8.45 percent to close at 65 kobo, per share.
SUNU Assurance lost 7.69 percent to close at N1.20, while Prestige Assurance depreciated by 7.41 percent to close at 50 kobo, per share.
The total volume traded advanced by 18.5 percent to 1.41 billion units, valued at N24.68 billion, and exchanged in 17,144 deals. Transactions in the shares of Fidelity Bank led the activity with 141.749 million shares worth N1.965 billion. FCMB Group followed with an account of 128.974 million shares valued at N1.485 billion, while United Bank for Africa (UBA) traded 117.713 million shares valued at N3.779 billion.
Transnational Corporations (Transcorp) traded 108.340 million shares worth N1.576 billion, while Access Holdings traded 85.208 million shares worth N2.525 billion.
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