Investors pocket N196bn as bulls resurface on Nigerian bourse


Bulls resurfaced in the domestic bourse in Tuesday’s trading, snapping the bearish streak as the NGX All-Share Index went up by 35 basis points by the close of the day, reaching 98,225.63 points compared to the previous session’s 97,879.94 points.

The market’s positive performance was primarily driven by investor’s interest in stocks such as UBA (+2.80%), FBHN (+6.94%), WEMA (+4.13%), ZENITHBANK (+2.56%) and 24 others.

As a result, the year-to-date return settled at 31.36 percent.

Consequently, the overall market capitalization experienced a 0.35 percent increase, reaching N55.55 trillion, as investors gained N195.65 billion.

Market activity for the day was positive as volume and value traded advanced by 99.18% and 193.52 percent to 552.21 million units and N14.92 billion, respectively.

Stock market analysts said they expect bears to maintain hold on equities in the absence of any positive catalyst.

Meanwhile, the Nigerian Naira appreciated by 1.98 percent against US Dollar in the NAFEM Window, closing at a rate of ₦1,390.96.