Lagos, Feb. 22, 2024: The Nigerian Exchange Ltd (NGX) equity market on Wednesday recovered from its previous session’s losses, following investors improved buy interest in the shares of Tier-one banks and BUA Cement.
Specifically, investors gained N165 billion or 0.30 per cent, as the market capitalisation which opened at N55.298 trillion, closed at N55.463 trillion.
The All-Share index also rose by 0.30 per cent or 302 points to close at 101,362.38, as against 101,060.67 recorded on Tuesday.
Gains in BUA Cement, United Bank of Africa (UBA) and FBN Holdings(FBNH) outweighed losses in Zenith Bank, Guaranty Trust Holding Company (GTCO) and Access Corporation to return the market to a positive terrain.
Consequently, the All-Share index Year-To-Date (YTD) return rose to 35.56 per cent.
Also, a total of 302.74 million shares valued at N 6.55 billion were exchanged in 8,611 deals, compared to 256.16 million shares valued at N6.63 billion exchanged in 8,783 deals posted previously.
Meanwhile, FBNH led the gainers’ log by 9.96 per cent to close at N28.70, Juli followed with a gain of 9.90 per cent to close at N1.94 per share.
Mutual Benefits Assurance appreciated by 9.38 per cent to close at 70k,
Regency Alliance Insurance(REGALIN) garnered 7.32 per cent to close at 44k, while BUA cement pooled 4.93 per cent to close at N150 per share.
On the losers’ log, Okomu Oil lost 10 per cent to close at 243 per cent, Morison Industries Plc shed 9.69 per cent to close at N2.05 per share.
Sterling Nigeria trailed by 9.58 per cent to close at N4.34, Japaul Gold Group declined by 9.34 per cent to close at N2.33 and Caverton dropped 9.19 per cent to close at N1.68 per share.
On the the activity log, FBNH also led both in volume and value chart with 39.38 million shares worth N1.10 trillion, while Japaul Gold sold 30.19 million shares valued at N71.04 million.
Also, Transcorp traded 27.36 million shares worth N353.09 million, Veritas Kapital Assurance transacted 23.37 million shares valued at N168.08 million and GTCO sold 17.18 million shares worth N667.21 million.
However, analysis of the market activities indicated trade turnover settled lower relative to the previous session, with the value of transactions down by 1.15 per cent.
Also, market breadth closed negative with 42 laggards outnumbering 10 advancers.
