Equity Market Surges as Tech Stocks Sustain Uptrend

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Nigeria stocks rallied on Tuesday, with the NGX-ASI gaining over 1% to sustain the previous day’s bullish trend.

The positive sentiment was driven by the continued buy-interest in tech stocks as well as medium capitalized stocks.

Resultantly, the market index (All-Share Index) rose by 483.68 basis points representing a growth of 1.12 percent to close at 43,730.55.

While the Market Capitalization gained ₦252.41Bn, representing an increase of 1.12 percent to close at ₦22.82 trillion.

→ In the meantime, the market activities traded bearishly, as the Total Volume and Value traded dipped by 36.72 percent and 31.14 percent, respectively. A total of 280.71 million units valued at ₦3.48 billion were transacted in 4,342 Deals.

Today, STERLNBANK topped the traded stocks in terms of volume, accounting for 29.68 percent of the total volume of trades, followed by UACN (12.19%), ZENITHBANK (6.23%), UCAP (6.22%), and ACCESS (5.44%) to complete the top five on the volume chart.

While MTNN appeared as the most traded stock in value terms, with 30.98 percent of the total value of trades on the exchange.

→ However, ABCTRANS and FTNCOCOA topped the gainers’ chart as their share prices rose by 10.00 percent each, trailed by UACN (7.14%), AFRIPRUD (4.96%), NGXGROUP (4.63%), MTNN (3.90%), WAPCO (3.46%), UACP (2.62%), AIRTELAFRI (2.56%), DANGSUGAR (2.40%), FLOURMILL (1.40%), ACCESS (0.53%) and 12 others.

Conversely, only 16 stocks declined in price led by BERGER with price depreciation of 9.52 percent to close at ₦8.55, as CAVERTON (-9.09%), CONOIL (-5.65%), NASCON (-4.44%), WEMABANK (-3.37%), GTCO (-1.07%), TRANSCORP (-0.97%) and ZENITHBANK (-0.41%) also dipped in price.

However, the market breadth closed positive, recording 24 gainers and 16 losers.

→ Nevertheless, nearly all of the major market sectors rose as against the previous day, led by Consumer Goods (0.21%), Industrial Goods (0.21%), Oil & Gas (0.12%) and Banking (0.12%), except for the Insurance which declined by 0.28%.