The growing demand for interim dividend-paying equities has fueled transactions across all sectors on the Nigerian Exchange Limited (NGX), with investors’ wealth increasing by N147 billion in three trading days.
In particular, the market capitalisation increased by N147 billion to N20.070 trillion yesterday, from N19.923 trillion when the market reopened for trade on Monday.
Similarly, the All-Share Index (ASI), which gauges the performance of listed shares, increased by 281.3 points or 0.7% to 38,501.31 from 38,220.01 when it began on Monday.
“With bullish sentiment appearing to hold sway in the market at the moment, we expect to see increasing activity levels across sectors with ongoing demand in the banking stocks,” Vetiva Dealings & Brokerage said in response to market performance. Profit-taking may be seen in several of the companies that have gained in recent sessions.”
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According to Afrinvest Research, “we expect the favourable performance to be sustained in the coming trading session as investors take positions in relatively cheap equities ahead of the earnings season.”
In addition, the market mood was optimistic, as 22 equities saw price increases, while 13 others were on the losers’ chart. Cutix had the largest price rise of 10%, closing at N3.63 kobo.
Following that, John Holt gained 9.84 percent to close at 67 kobo. UACN Property Development Company closed at N1.13 kobo, up 9.71 percent. Tripple Gee & Company increased by 8.33% to closed at 91 kobo, while Wapic Insurance increased by 5.36% to close at 59 kobo.
BOC Gases, on the other hand, lead the losers’ chart with a 9.94% drop to N7.70 kobo. Berger Paints Nigeria followed with a 9.64 percent drop to N8.90 kobo.
Recall that, Nigerian stocks on Tuesday, concluded with a market capitalisation of N20.03 trillion, the biggest in two weeks, as investors gained N103.23 billion at the close of trade.
The Nigerian Exchange Limited All-Share Index gained 0.52 per cent to close at 38,418.04 basis points on Monday, up from 38,220.01bps.