Tier-1 banking stocks lift equity market by N53bn

The nation’s equity market maintained its positive performance on Tuesday, gaining N53 billion amid sustained buying interest in tier-one stocks.

Specifically, the market capitalisation rose by 0.2 per cent to close at N26.914 trillion as against N26.861 trillion recorded on Friday.

Also, the All-Share Index (ASI) rose by 98.67 points to close at 49,414.96 compared with d 49, 316.29 posted at the last session.

The positive performance were largely driven by stocks of BUA Cement, Guaranty Trust Holding Company (GTCO), United Bank for Africa(UBA) and Access Holding.

Consequently, the year-to-date (YTD) return rose to 15.64 per cent.

Market breadth closed negative as nine stocks advanced, while eight others declined.

Thomas Wyatt drove the gainers’ chart in percentage terms by 8.77 per cent to close at 62k per share.

International Breweries followed with a gain 5.81 per cent to close at N4.55, while Pharma Deko rose by five per cent to close at N2.10 per share.

Living Trust mortgage Bank went up by 4.9 per cent to close at N1.50, while Caverton Offshore Technology appreciated by 3.45 per cent to close at 90k per share.

On the other hand, PZ led the losers’ chart in percentage terms by 7.26 per cent to close at N11.50 per share.

Chams followed with 4.35 per cent to close at N22 per share.

UPDC Real Estate Investment Trust shed 3.33 per cent to close at N2.90, while FTNCocoa Processors lost 3.23 per cent each to close at N2.90 per share.

Also, African Prudent Assurance declined by 2.73 per cent to close at N5.35 per share.

The total volume traded dipped by 36.57 per cent to 76.75 million units valued at N1.33 billion and exchanged in 3, 262 deals.