Market rises 0.18% as 36 stocks gain

The stock market closed on a positive note on Tuesday, as performance indices grew by 0.18 per cent due to increased buying activity.

Banking, financial services and consumer goods stocks drove the market higher.

Market capitalisation rose by N297 billion, or 0.18 per cent, to close at N162.682 trillion, compared with N162.385 trillion on Monday.

Similarly, the All-Share Index (ASI) increased by 457.86 points, or 0.18 per cent, to settle at 250,614.66.

The uptrend was driven by strong buying interest in medium and large-capitalised stocks such as Sovereign Trust Insurance, Critical Minerals Financing Corp, Neimeth International Pharmaceutical, Cadbury Nigeria, Fortis Global Insurance and 31 other stocks.

While the market’s year-to-date (YTD) return improved to 61.05 per cent, the market breadth closed positive with 36 gainers and 26 losers.

On the gainers’ chart, Sovereign Trust Insurance led by 9.95 per cent, finishing at N2.21.

Critical Minerals Financing Corp followed by 9.82 per cent, closing at N2.46, while Neimeth International Pharmaceutical rose by 8.90 per cent, settling at N7.95 per share.

Similarly, Cadbury Nigeria increased by 8.29 per cent, ending the session at N60.10 and Fortis Global Insurance advanced by 7.73 per cent, finishing at N1.95 per share.

On the flip side, Multiverse Mining led by 9.86 per cent, closing at N19.20, Haldane McCall trailed by 9.39 per cent, settling at N2.99 and Champion Breweries shed by 8.68 per cent, finishing at N10 per share.

Also, Mutual Benefits soared by 8.38 per cent, closing at N3.50, while AXA Mansard Insurance fell by 6.67 per cent, ending the session at N11.20 per share.

Trading activity strengthened during the session, as total volume rose by 45.82 per cent to 837.26 million shares, valued at N48.57 billion in 52,126 deals.

Fidelity Bank led trading volume with 165.43 million shares, representing 19.76 per cent of total volume, while Zenith Bank accounted for the highest value traded at N13.73 billion, representing 28.27 per cent of total value.