Nigerian Exchange Limited Gains N166 Billion in Tuesday Trading Session

The first trading market for the week started with a negative start as it recorded a N259 billion loss following the decline of some medium-cap companies, dragging down market capitalization at the close of trading on Monday. However, the Nigerian Exchange Limited recorded gains at the close of Tuesday's market with N166 billion increase.

Market capitalization and the All-Share Index rose by 0.43% to close at N38.989tn and 71,250.17, respectively.

For Tuesday's trading session at the Nigerian Exchange Limited, the stocks of AccessCorp,  United Bank for Africa, Zenith Bank Plc, FBNHoldings, and MTN Nigeria were drivers.

Transaction volume rose by 20.93% to 433.57 million from 358.53 million traded on Monday. The units were valued at over N11.11bn, showing a 56.53% increase over Monday’s trade value. The shares were exchanged in 7,016 deals, and the number of stocks that saw some action during the day’s trading stood at 122.

Top Gainers: Secure Electronic Technology Plc, Multiverse, Sunu Assurance, FBNH, and Thomas Wyatt with 10.00%,  9.95%,  and 9.92% gains each to close at N0.77, N7.07, N1.33, N26.75, and N3.02 per unit, respectively.

Top Losers: Abbey Mortgage Bank Plc led with a 9.88% depreciation to N1.55, FTN Cocoa Processors Plc lost N9.09% to close at N1.5, Daar Communications declined by 8.82% to close at N0.31 per unit, Coronation Insurance Plc declined by 7.14% to close at N0.65 and Veritas Kapital Assurance Plc declined by 5.41% to close at N0.35 per unit.

The value drivers of the day’s market trend were the Nigeria Infrastructure Debt Fund, managed by Chapel Hill Denham, which announced a special distribution to unit holders off an asset sale on Monday. The report shows it traded 20,517,592 units valued at N2.22bn in 54 trades.