Stocks Recover Marginally By N29bn

The Nigerian equities market on Tuesday recorded a marginal recovery as the overall capitalisation rose by N29 billion.

The All-Share Index advanced by 0.02 per cent to close at 254,289.35, while market capitalization up by N29 billion to N165.108 trillion, reflecting mild buying interest and a relatively stable session.

However, market sentiment remained bearish, with 32 decliners outweighing 19 advancers. University Press led the gainers chart by 9.52 percent to close at N4.60, while Omatek Ventures followed with a gain of 8.59 percent gain to N1.39, per share.

International Breweries Plc rose 6.47 percent to N9.05, while Royal Exchange and Guinea Insurance both gained 5.26 percent to close at N1.00 and 80 kobo respectively, per share.

On the flip side, Fortis Global Insurance led the laggards, shedding 10 percent to close at N1.53, per share. Vitafoam Nigeria followed with a 9.99 percent decline to close at N141.50, while Abbey Bank lost 8.73 percent to close at N5.75, per share.

Caverton Offshore Support Group dropped 7.58 percent to close at N3.05 and Livestock Feeds declined by 6.51 percent to close at N13.65, per share.

Trading activity was mixed, as turnover and deal count declined by 52.38 per cent and 27.65 per cent to N22.61 billion and 39,078 transactions, respectively, while volume increased by 1.58 per cent.

On market performance, APT Securities & Funds Limited said, “overall, the session was characterized by mild bullish sentiment and mixed trading activity, as the market recorded a marginal gain amid reduced transaction value and deal count.”