October 25, (THEWILL) – Nigerian equities market on Tuesday jumped by N187 billion following gains from investors’ scramble for telecoms and banking stocks.
The outcome helped the market to bounce back, paring previous session losses as the market capitalisation closed at N36,929 trillion against N38,742 trillion in the previous day trading.
Consequently, the benchmark Index surged 0.51% to close at 67,217.77 points against 66,876.92 points.
Renewed investor interests in telcoms heavyweight, MTN Nigeria (+0.20%), alongside Tier-1 banks, Zenith Bank (+0.90%) and GTCO (+2.27%) pushed the broader index into positive terrain.
MTN Nigeria closed at N250 per share against N249.50 it opened on Tuesday, representing a 0.20 percent rise with 0.50.
Tieir-1 bank, Zenith Bank, which opened the day with a price of N33.25 gained 0.30 to close at N33.55 or 0.90 percent rise.
GTCO, another Tier-1 financial services institution gained 0.80 to close at N36 representing a 2.27 percent jump.
The NGX Group played in the losers’ league with a loss of 0.80 after closing at N21.00 against N21.80 it opened on Tuesday, representing a -3.67 percent loss.
Joined in the losers’ table were two insurance companies: NEM with a loss of 0.10 or -2 percent after closing N4.00 against N5.00 it started the day’s activities.
Prestige Insurance was equally not ‘prestigious’ with its 0.01 loss when it shed -2.22 percent to close at N0.44 against N0.45 as opening figure.
As a result, the year-to-date (YTD) return rose to 31.15 percent.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 44.26 percent.
A total of 319.90m shares valued at ₦6.33bn were exchanged in 6,272 deals.
Access Corp (+0.00%) led the volume chart with 50.78 million units traded, while GTCO (+2.27%) led the value chart in deals worth ₦1.50 billion.
Market breadth closed positive at a 2.25-to-1 ratio with advancing issues outnumbering declining ones. Flour Mills (+9.93%) topped seventeen others on the leader’s table, while VFD Group (-9.98%) led seven others on the losers’ table.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
