Market sustains momentum as index rises by 1.04%

Trading activities on the Nigerian Stock Exchange (NSE) closed positive on Tuesday as the All-Share Index increased by 395.29 basis points or 1.04 per cent to close at 38,293.59 points, from 37.898.30 points recorded the previous day.

The market capitalization of the listed equities also rose by N126bn or 1.04 per cent from N12.108tn on Monday, to close at N12.234tn.

The NSE-30 Index rose by 0.63 per cent or 11.3 basis points, from 1,772.10 points to close at 1,783 basis points, while the NSE Banking Index rose by 0.46 per cent or 1.87 basis points from 400.72 basis points to 402.59 points.

The diversified industries sub-sector led on the activity chart, accounting for 47.35 per cent of total turnover.

In the sub-sector, investors exchanged 169,268 million shares, worth N507.475m in 578 transactions.

Volume in the sub-sector was driven by trading in the shares of Transnational Corporation of Nigeria Plc, which accounted for 99.40 per cent, 89.70 per cent and 83.73 per cent of volume, value and number of deals, respectively, in the sub-sector.

In all, 357.464 million shares valued at N3.263bn were traded in 5,054 deals on Tuesday with 25 stocks recording price appreciation. However, 28 other stocks recorded price depreciation.

Conoil Plc recorded the highest price appreciation of the day, rising by 10.22 per cent or N5.80 to close at N62.55 per share.

Transnational Corporation of Nigeria Plc also rose by 10.08 per cent or 25 kobo to close at N2.73 per share.

Forte Oil Plc and Beta Glass Company Plc gained 4.99 per cent and 4.96 per cent to close at N115.64 and N13.75 per share respectively.

On the other hand, Learn Africa Plc lost the highest, shedding five per cent or nine kobo to close at N1.71 per share.