On Tuesday, the Nigerian stock market resumed its upward trend, with investors gaining N687 billion due to ongoing demand for important stocks.
“Sustained demand in fundamentally strong stocks continues to drive the upward trend,” stated market analysts.
Strong results in high-capitalized stocks, such as BUA Cement, Premier Paints, Zenith Bank, Nigerian Aviation Handling Company, and RT Briscoe, fueled the optimistic sentiment.
“We are seeing consistent gains across major sectors as investor confidence strengthens,” a trader stated.
At the end of trade, market capitalization increased by 0.54 percent, from N129.329 trillion to N130.026 trillion.
Similarly, from 201,474.89 to 202,559.57, the All-Share Index increased by 1,084.68 points, or 0.54 percent.
Premier Paints increased 9.89 percent to settle at N23.40, while BUA Cement topped the gains with a 10% increase to N326.70.
Nigerian Aviation Handling Company had a 7.14 percent increase to N175.60 per share, while Zenith Bank saw a 7.91 percent increase to N111.15 per share.
RT Briscoe closed at N11.20 per share, up 6.67 percent as well.
Presco dropped 10% to close at N1,875.60 on the losers’ chart.
Secure Electronic Technology sank 7.69 percent to N1.20 per share, and Caverton Offshore Support Group fell 8.70 percent to N6.30.
International Breweries fell 6.35 percent to N14 per share, while Guinea Insurance lost 6.43 percent to settle at N1.31.
In the meantime, market activity surged, with a total traded volume of 1.75 billion shares valued at N88.10 billion, an increase of 84.75%.
During the trading session, 62,654 deals were completed.
With 516.23 million shares traded, or 29.47 percent of the day’s total volume, FCMB had the greatest volume.
With deals of N18.10 billion, or 20.55% of the day’s total value, Zenith Bank reported the highest value.
