The Nigerian stock market on Tuesday sustained its bullish run, with investors’ wealth increasing by N254 billion on the back of renewed bargain hunting.
The upward trend was driven by demand in equities such as Regency Alliance Insurance, Mecure, Etranzact, Daar Communications, Deap Capital and 31 other stocks.
The Nigerian Exchange Ltd. (NGX) market capitalisation, which opened at N88.199 trillion, rose by N254 billion or 0.29 per cent to close at N88.453 trillion.
Similarly, the All-Share Index appreciated by 0.29 per cent or 401.36 points, finishing at 139,796.11 compared with 139,394.75 recorded on Monday.
The market breadth also closed positive, with 36 gainers outnumbering 19 losers.
Regency Alliance Insurance led the gainers’ table with a 10 per cent rise, closing at N1.43. Mecure followed, advancing 9.92 per cent to N21.60 per share.
Etranzact gained 9.73 per cent to settle at N12.40, while Daar Communications appreciated 9.57 per cent, ending the session at N1.03 per share.
Likewise, Deap Capital Management rose by 9.52 per cent, closing at N1.84 per share.
On the losers’ chart, Unilever Nigeria recorded the highest decline of 9.79 per cent, settling at N63.15 per share.
FTN Cocoa Processors fell 9.40 per cent to N5.40, while Ellah Lakes declined 8.76 per cent to close at N13.02 per share.
Linkage Assurance dropped 6.85 per cent to N2.04, while Berger Paints shed 6.33 per cent, closing at N35.50 per share.
An analysis of trading showed a decline in market activity, as investors exchanged 659.2 million shares worth N12.5 billion in 25,334 deals.
This was lower than Monday’s 947.9 million shares valued at N17.9 billion, traded in 36,036 transactions.
FCMB Group emerged the most active stock, recording 202.5 million shares valued at N2.1 billion.
Universal Insurance followed with 63.1 million shares worth N79.4 million, while FirstHoldCo transacted 44.2 million shares valued at N1.34 billion.
Regency Alliance Insurance accounted for 30.9 million shares worth N43.8 million, while Access Corporation traded 26.12 million shares valued at N676.42 million
