An increase in demand for telco stocks, conglomerates and financial services shares propelled Nigerian stocks up on Tuesday, resulting in a N252.4 billion gain.
In the all-share index, 483.68 points were added to 43,730.55 index points, while the market capitalization closed higher at N22.8 trillion. The index is up 8.59 percent year to date.
As investors became more interested in MTNN and Airtel, United Capital and UACN led the advance.
The Central Bank of Nigeria tentatively approved Airtel and MTNN’s application for the establishment of a payment service bank on Friday, thus increasing bullish sentiments in that market
There were 4,342 deals involving 280.7 million shares valued at N3.5 billion.
With 24 losers and 16 gainers, the market breadth, a measure of investor sentiment, closed on a positive note.
In the absence of bullish triggers, we expect the NGX to trade sideways this week
Top 5 gainers
FTN Cocoa gained 10% to close at N0.44. ABC Transport gained 10% to close at N0.33. The price of Ardova rose 7.38% to N14.55. UACN gained 7.14% to N11.25. Livestock climbed by 2.19 % to N6.83.
Top 5 Losers
The losers’ chart was headed by Berger Paints, which shed 9.52 per cent to close at N8.55. Caverton dropped 9.09% to close at N1.70, while UPL fell to N2.13, dropping 7.39%. Regency Insurance depreciated 6.82% to N0.41. The price of Conoil fell by 5.65% to N21.70.