Investors face sluggish trading as market gains N131.65bn, ASI adds 22bps

1 week ago 2

market, firms

BY TEMITOPE ADEBAYO

The Nigerian stock market experienced modest gains, yet investor activity remained subdued as the All-Share Index (ASI) rose by 22 basis points to close at 97,477.80 points.

Despite this lift, investor turnover slowed at the close of yesterday’s trading activity, with the total value of trades dropping by 18.91 per cent compared to the previous session.

A total of 247.01 million shares worth N7.51 billion were exchanged across 8,305 deals, as Tier-1 banking stocks, including GTCO (+1.03%), ZENITHBANK (+2.38%), FBNH (+0.18%), UBA (+3.48%), and ACCESSCORP (+2.70%), helped drive the market’s marginal rise.

This uptick contributed to an N131.65 billion increase in market capitalisation, bringing it to N59.07 trillion and lifting the year-to-date (YTD) return to 30.36 per cent.

However, lower trade volume reveals tempered investor sentiment, suggesting caution despite the positive close. ACCESSCORP led the volume chart with 40 million shares traded, while ARADEL topped the value chart with N1.68 billion in transactions.

READ ALSO: President Tinubu Highlights Customs Reforms and…

Market breadth closed positive at a 1.53-to-1 ratio, as 28 gainers outperformed 18 lagging stocks. INTENEGINS led the gainers with a 10.00 per cent increase, while REGALINS saw the steepest decline, losing 10.00 per cent.

Yesterday’s modest gains offer some reprieve but reflect a market where investor enthusiasm remains tempered amidst a fluctuating trading landscape.

About the author

Visit Source