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INDEX RISES BY 0.40% IN BULLISH TRADING

By NBF News
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Equity trading on the floor of the Nigerian Stock Exchange continued on a bullish note on Tuesday, as indices measuring corporate performance closed positive.

The NSE's All-Share Index rose by 0.40 per cent or 99.15 points to close at 24,764.65 points, up from 24,665.50 points recorded on Monday.

Similarly, the market capitalisation of the 200 first tier equities appreciated by 0.40 per cent or N32bn, from N7.88tn to close at N7.91tn.

The NSE-30 Index, however, fell by 0.04 per cent or 0.41 points to close at 1,061.16 points, as against 1,061.57 points recorded the previous day.

Analysts, who spoke to our correspondent, are of the view that the market will continue to gain for some days, as most stock prices have bottomed out.

The banking index closed at 381.18 points, representing a decline of 0.49 per cent or 1.87 points from 383.05 points.

The banking sub-sector continued to dominate trading activities, as it accounted for 58.54 per cent of total turnover. Trading in the shares of Guaranty Trust Bank Plc drove volume in the sub-sector.

The insurance sub-sector followed on the activity chart, accounting for 26.8 per cent of turnover. Trading in the shares of Equity Assurance Plc drove volume in the insurance sub-sector, as investors exchanged 90.49 million shares, valued at N57.73m in 212 deals.

IHS Plc led the gainers' chart, rising by five per cent or nine kobo to close at N1.91 per share. May and Baker Nigeria Plc followed with an increase of 4.9 per cent or 21 kobo to close at N4.53 per share, while Vono Products Plc rose by 4.7 per cent to close at N1.33 per share.

On the other hand, African Petroleum Plc recorded the highest loss for the day, down by five per cent or N1.12 to close at N21.28 per share, while Union Bank of Nigeria Plc lost 24 kobo on five per cent to close at N4.59 per share.

Airline Services and Logistics followed with a decline of 4.9 per cent or eight kobo to close at N1.55 per share.