Stock Market Bounces Back As NGXASI Rises 0.85% on Tuesday
- The Nigerian stock market closed on positive level reverses previous 2 section losses
- The rally was driven by strong gains in Airtel Africa, GTCO, Presco, and other blue-chip stocks
- Omatek, Ellah Lakes, and Royal Exchange were among the top declinersbe
The Nigerian equities market closed bullish on Tuesday, March 24 as investors engaged in selective buying across major stocks.
As a result, the benchmark All-Share Index (ASI) advanced by 0.85% to settle at 200,705.88 points, up from 199,014.02 points recorded in the previous trading session on Monday.
Source: Getty Images
Total market capitalisation also increased to N128.84 trillion from N127.7 trillion. Market sentiment improved lifting the year-to-date return to 28.98% from 27.89% in the previous session.
Market breadth closed positive with 37 gainers against 23 decliners, as Airtel Africa, Consolidated Hallmark, John Holt, and Legend Internet led the gainers’ chart, while NPF Microfinance Bank topped the losers.
At the close of trading, Airtel Africa, John Holt, Prepainted, and FTG Insurance traded above their 52-week highs at N2,497.00, N14.30, N28.20, and N1.50 respectively.
Volume and Value Contribution
Market participation also strengthened, with volume rising to 1.90 billion shares across 89,949 deals, compared to 848 million shares recorded in the previous session.
Access Holdings recorded the highest trading volume with 266.79 million units, accounting for 20.66% of total volume traded, while GTCO led in value terms with N19.39 billion worth of shares traded, representing 29.68% of total market value.
GTCO and Wema Bank accounted for 14.28% and 14.13% of total traded volume respectively, while MTN Nigeria and Access Holdings followed GTCO in traded value.
Source: Getty Images
Snapshot of market performances
John Holt, Airtel Africa, Consolidated Hallmark, and Legend Internet led the gainers, each rising by 10.00%, while NPF Microfinance Bank and Royalex led the losers, declining by 6.29% and 5.32% respectively.
In terms of volume, Access Holdings recorded the highest activity with 266.7 million shares, followed by GTCO with 184.3 million shares and Wema Bank with 182.4 million shares.
UBA recorded 119 million shares traded, while Zenith Bank posted 42.7 million shares, reflecting sustained investor participation.
By value, GTCO led with N19.3 billion, followed by MTN Nigeria at N8.1 billion, Access Holdings at N6.02 billion, UBA at N5.7 billion, and Wema Bank at N4.7 billion.
Top 5 gainers
- John Holt: up 10.00% to N14.30
- Airtel Africa: up 10.00% to N2,497.00
- Consolidated Hallmark: up 10.00% to N4.95
- Legend Internet: up 10.00% to N6.60
- Zichis Agro Allied: up 9.97% to N10.35
Top 5 losers
- NPF Microfinance Bank: down 6.29% to N6.56
- Royalex: down 5.32% to N1.78
- CWG: down 4.82% to N20.75
- Nigerian Breweries: down 4.29% to N70.00
- Veritaskap: down 4.21% to N2.05
Avoid CMTrading
Legit.ng earlier reported that the SEC has also issued a warning to the public over CMTrading, a platform offering cryptocurrency and commodities trading services.
The platform reportedly claims affiliation with GCMT South Africa Pty Ltd, which is said to hold licences as a securities dealer from the Financial Services Authority (FSA) in Seychelles and the Financial Sector Conduct Authority (FSCA) in South Africa.
Source: Legit.ng
