Category: Nigeria
Nigerian stock market rebounds with N131 bln gain ..experts cute renewed investor interest Caption:Nigeria stock market Nigeria’s stock market staged a recovery on Tuesday, climbing 0.22% after a six-day losing streak as renewed investor interest in top-tier banking stocks fueled a N131 billion boost to the market capitalization. The market cap rose from N58.721 trillion to N58.852 trillion, while the All-Share Index (ASI) gained 216 points to close at 97,123.61, up from Monday’s 96,907.73. The Year-To-Date (YTD) return also advanced, hitting 29.89%. Leading the uptick were major banks including Zenith Bank, FBN Holdings, United Bank for Africa (UBA), Access Corporation, and Fidelity Bank, which spurred the gains across the sector. The market breadth was positive, with 26 gainers against 21 laggards. Top gainers included Conoil, rising by N18.80 to close at N208.10, followed by John Holt and Eunisell Ltd., which climbed 36k and 61k, respectively. UBA advanced by N3.15, closing at N35.05, while PZ Cussons surged N1.95 to end at N24.95. On the downside, Oando led losses, shedding N8.05 to close at N72.65. Daar Communications followed, down by 6k to close at 56k per share, with Regency Alliance Insurance, Veritas Kapital, and Guinea Insurance also in the red. Trading activity surged, with turnover volume rising sharply by 79.64% compared to the previous session. Total transactions reached 3.60 billion shares valued at N25.57 billion, up from 1.22 billion shares worth N14.23 billion in Monday’s session. Sovereign Trust Insurance led in volume with 2.50 billion shares traded, while UBA topped in value, recording N6.74 billion in transactions. Market Outlook The short-term outlook appears cautiously optimistic as investor confidence is bolstered by renewed interest in the banking sector and an increase in trading volume. Market sentiment may remain buoyed by expectations of favourable corporate earnings, especially within banking and consumer goods. However, global economic pressures and policy decisions from the Central Bank of Nigeria could influence market trajectory, suggesting a potential for volatility.
..experts cite renewed investor interest Caption:Nigeria stock market Nigeria’s stock market staged a recovery on Tuesday, climbing 0.22% after a six-day losing streak...
Nigerian stock market rebounds with N131 bln gain ..experts cute renewed investor interest Caption:Nigeria stock market Nigeria’s stock market staged a recovery on Tuesday, climbing 0.22% after a six-day losing streak as renewed investor interest in top-tier banking stocks fueled a N131 billion boost to the market capitalization. The market cap rose from N58.721 trillion to N58.852 trillion, while the All-Share Index (ASI) gained 216 points to close at 97,123.61, up from Monday’s 96,907.73. The Year-To-Date (YTD) return also advanced, hitting 29.89%. Leading the uptick were major banks including Zenith Bank, FBN Holdings, United Bank for Africa (UBA), Access Corporation, and Fidelity Bank, which spurred the gains across the sector. The market breadth was positive, with 26 gainers against 21 laggards. Top gainers included Conoil, rising by N18.80 to close at N208.10, followed by John Holt and Eunisell Ltd., which climbed 36k and 61k, respectively. UBA advanced by N3.15, closing at N35.05, while PZ Cussons surged N1.95 to end at N24.95. On the downside, Oando led losses, shedding N8.05 to close at N72.65. Daar Communications followed, down by 6k to close at 56k per share, with Regency Alliance Insurance, Veritas Kapital, and Guinea Insurance also in the red. Trading activity surged, with turnover volume rising sharply by 79.64% compared to the previous session. Total transactions reached 3.60 billion shares valued at N25.57 billion, up from 1.22 billion shares worth N14.23 billion in Monday’s session. Sovereign Trust Insurance led in volume with 2.50 billion shares traded, while UBA topped in value, recording N6.74 billion in transactions. Market Outlook The short-term outlook appears cautiously optimistic as investor confidence is bolstered by renewed interest in the banking sector and an increase in trading volume. Market sentiment may remain buoyed by expectations of favourable corporate earnings, especially within banking and consumer goods. However, global economic pressures and policy decisions from the Central Bank of Nigeria could influence market trajectory, suggesting a potential for volatility.
..experts cite renewed investor interest Caption:Nigeria stock market Nigeria’s stock market staged a recovery on Tuesday, climbing 0.22% after a six-day losing streak...
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