Lagos: The Nigerian Exchange Ltd. (NGX) on Tuesday reported a substantial rise in trading activity, recording 1.24 billion shares valued at N29.8 billion across 28,009 transactions. This reflects a significant increase in both market value and volume compared to the previous session's 383.9 million shares worth N11.61 billion, which were exchanged in 28,114 deals.
According to News Agency of Nigeria, Fidelity Bank led trading activities both in volume and value, with 793.04 million shares valued at N15.88 billion. NCR Nigeria followed with 66.77 million shares worth N1.07 billion, while Zenith Bank transacted 49.4 million shares valued at N3.4 billion. Additionally, Sterling Nigeria traded 28.3 million shares worth N220.5 million, and FCMB handled 25.3 million shares valued at N269.9 million.
The stock market maintained a bullish trend, with investors gaining N465 billion in value. Market capitalisation increased by N465 billion or 0.52 per cent, closing at N90.580 trillion, compared to N90.115 trillion on Monday. The All-Share Index (ASI) also saw an uptick, climbing 332.92 points or 0.23 per cent, ending at 142,710.48, up from 142,377.56.
This bullish performance was attributed to increased investor interest in 28 gainers, including UPDC, Nigerian Enamelware, Eterna, Aradel Holdings, and The Initiates Plc. However, the market breadth closed negative with 32 stocks declining and 28 stocks advancing.
Union Dicon Salt led the list of losers, dropping by 10 per cent to settle at N8.10. Champion Breweries followed with a decline of 7.09 per cent, finishing at N13.75, while Royal Exchange decreased by 5.96 per cent, ending the session at N2.05 per share. Wema Bank and Custodian Investment also saw declines, closing at N17 and N40.80 per share, respectively.
Conversely, UPDC topped the gainers' list with a rise of 9.98 per cent, closing at N6.61. Nigerian Enamelware followed, increasing by 9.97 per cent to end the session at N38.60, and Eterna gained 9.95 per cent, settling at N33.70 per share. Aradel Holdings and The Initiates also posted significant gains, closing at N615 and N14.60 per share, respectively.