Trading on the Nigerian stock market closed in a positive mood on Tuesday with a growth of N29 billion due to renewed confidence.

Specifically, the market capitalisation inched higher by N29 billion or 0.15 per cent to close at N19.621 trillion against N19.592 trillion achieved on Monday.

Also, the All-Share Index increased by 55.50 points or 0.15 per cent to close at 37,640.75 points from 37,585.25 recorded on Monday.

Accordingly, month-to-date and year-to-date losses moderated to 2.1 per cent and 6.5 per cent, respectively.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Okomu Oil Palm, Cadbury, Dangote Sugar Refinery, Vitafoam and FCMB Group.

The market breadth closed positive as 28 stocks gained, relative to 13 losers.

An analysis of the price movement table shows that Ikeja Hotel and Linkage Assurance led the gainers’ chart in percentage terms with 10 per cent each to close at N1.21 and 77k per share, respectively.

Cadbury followed with a gain of 9.62 per cent to close at N8.55 per share.

Honeywell Flour Mill rose by 9.46 per cent to close at N1.62, while Consolidated Hallmark Insurance garnered 8.62 per cent to close at 63k per share.

Conversely, Jaiz Bank led the losers’ chart in percentage terms by 5.17 per cent to close at 55k per share.

Veritas Kapital Assurance trailed with four per cent to close at 24k, while Unity Bank lost 3.64 per cent to close at 53k per share.

PZ Cussons dipped 3.42 per cent to close at N5.65, while Flour Mills of Nigeria shed 2.52 per cent to close at N29.05 per share.

In the same vein, the total volume of shares traded increased by 40.06 per cent to 229.01 million shares valued at N2.73 billion in 3,678 deals.

This was against a total of 157.74 million shares, worth N3.38 billion recorded in 3,499 deals on Monday.

Transactions in the shares of FCMB Group topped the activity chart with 40.74 million shares valued at N133.66 million.

Custodian Investment followed with 15.81 million shares worth N95.69 million, while Guaranty Trust Holding Company traded 13.43 million shares valued at N401.15 million.

Zenith Bank sold 11.15 million shares worth N265.32 million, while Jaiz Bank transacted 10.69 million shares valued at N5.93 million. 

(NAN)