Following strong corporate earnings, sustained bargain-hunting activity pushed the Nigerian Exchange (NGX) Limited up 0.15 percent on Tuesday.
The stock exchange’s 2022 fourth-quarter results provided investors with an overview of what the full-year earnings would look like, resulting in the purchase of stocks that are expected to pay good cash rewards in the coming months.
According to market data, the insurance sector gained 2.98 percent, the industrial goods sector gained 0.03 percent, the consumer goods and banking indices lost 0.17 percent and 0.03 percent, respectively, and the energy sector remained flat.
At the close of business, the All-Share Index (ASI) increased by 80.84 points to 53,238.67 points from 53,157.83 points, while market capitalization increased by N44 billion to N28.998 trillion from N28.954 trillion.
The activity chart revealed that traders transacted 250.2 million shares worth N5.9 billion in 4,328 deals yesterday, compared to 201.4 million shares worth N5.7 billion traded in 4,332 deals on Monday, indicating a 0.09 percent decrease in the number of deals and a 24.23 percent increase in trading volume and value, respectively.
Universal Insurance was the most active stock on Tuesday, transacting 48.6 million units, while GTCO traded 14.2 million units at the close of business. Zenith Bank sold 12.5 million shares, Access Holdings traded 11.6 million shares, and Unity Bank exchanged 10.9 million shares.
Veritas Kapital, Living Trust Insurance, and Geregu Power all gained 10% during the session to settle at 22 Kobo, N1.98, and N193.60, respectively, while John Holt gained 9.92% to N1.33 and SCOA Nigeria gained 9.78% to N1.01.
Chams and NCR Nigeria, on the other hand, each lost 10% to close at 27 Kobo and N3.24, respectively. Unity Bank dropped 9.09 percent to 50 Kobo, Royal Exchange fell 8.97 percent to 71 Kobo, and Japaul fell 8.33 percent to 33 Kobo.
According to the price movement chart, the market breadth finished positive, with 29 price gainers and 18 price losers, indicating very strong investor sentiment.
