Investors gain N264bn as NGX sustains bullish run

The bullish trading on the Nigerian Exchange Limited was sustained on Tuesday as investors’ wealth increased by N264bn, which was almost the same figure as Monday’s gain of N263bn.

Both the market capitalisation and the All-Share Index which measures the movement of share prices of all listed companies rose by 0.71 per cent to close at N37.413tn and 68,359.22 points.

This positive trading comes as investors begin to take bets on the local market and the economy on the back of the news of the nomination of Dr Yemi Cardoso as governor of the Central Bank of Nigeria.

At the close of Tuesday’s session, while the volume of shares traded grew by 31.33 per cent to 676.74 million, the number of deals dropped by 8.35 per cent to 7,659 and the value of trade depreciated by 33.97 per cent to N5.89bn.

Market sentiments were also bullish as reflected in 36 gainers in contrast to 27 losers.

Some of the top stocks for investors include Berger Paints Plc which gained 9.95 per cent to close the market at N11.60. The stocks of Oando Plc, which released its audited results for 2021, rose by 9.92 per cent to close at N13.30, BUA Foods gained 6.32 per cent to close at N196.70, PZ’s shares appreciated by 1.45 per cent per unit to close at N20 and GTCO Plc stock increased in value by 0.43 per cent to close at N35.40.

Leading the losers table was SCOA Plc, whose shares depreciated by 10 per cent to close at N1.24, Unilever’s shares recorded 8.28 per cent drop to close at N13.30, United Bank for Africa Plc, lost 1.96 per cent in its share value to close at N17.50. UBA Plc, was the most traded stock on Monday. FBN Holdings Plc, lost 1.69 per cent to close at N17.40 and Accesscorp’s shares depreciated by 0.29 per cent to close trading at N17.40.