The Nigerian Stock Exchange (NGX) gained ground on Tuesday, as banking stocks and select industrial equities drove the market capitalisation higher by N340bn, closing at N106.5tn.
According to the capital market analysis on Wednesday by Punch newspaper, a total of 736.1 million shares were exchanged in 45,994 deals, representing The a total turnover of N24.37bn. Compared with Monday, trading volume fell by three per cent while the number of deals declined 17 per cent. Despite the lower volume and deals, turnover recorded a 32 per cent increase, reflecting strong investor interest in high-value stocks.
It noted that during the trading session, 132 equities participated, with 35 recording gains and 34 closing lower. Industrial and Medical Gases led the gainers with a 10 per cent appreciation, closing at N34.65 per share. Other top gainers included Union Dicon Salt, Zichis Agro Allied Industries, and Austin Laz & Company, all rising 10 per cent to close at N9.90, N5.06, and N4.07 per share, respectively. RT Briscoe gained 9.95 per cent to end at N9.50, while Morison Industries rose 9.93 per cent to N12.07 per share.
The report stated that on the losing side, Cutix led with a 10 per cent decline, closing at N3.15 per share. Omatek Ventures also fell 10 per cent to N2.43, while Union Homes Real Estate Investment lost 9.95 per cent to close at N76.90 per share. Sunu Assurances Nigeria dropped 9.94 per cent to N4.62, Deap Capital declined 9.93 per cent to N7.62, and Chams Plc fell 9.90 per cent to N4.37 per share.
It added that banking stocks dominated trading activity, with Guaranty Trust Holding Company recording the highest volume at 65.9 million shares worth N6.53bn, while other active financial stocks included Chams Plc with 55.7 million shares traded for N250m, Custodian & Allied Plc with 49.8 million shares valued at N2.20bn, Universal Insurance Company with 36 million shares worth N52m, and Zenith Bank with 35.4 million shares valued at N2.56bn.
The report explained that the gains in both banking and select industrial stocks underpinned the N340bn increase in NGX market capitalisation.