Stock market recovers with N52bn gain after Monday’s loss

On Tuesday, trading activities on the floor of the Nigerian Stock Exchange closed on the positive route to upturn the previous day’s loss as bulls regained grip on the local bourse following gains recorded by blue chip firms.

The local bourse recorded 13 gainers against 17 losers to begin trading on the positive route.

Consequently, the All-Share Index appreciated by 99.77 basis points or 0.36 per cent to close at 27,871.90 index points as against 27.772.19 recorded the previous trading session while market capitalisation of equities grew by N52bn from N14.464tn the previous day to N14.516tn as market sentiment returned to the positive territory.

Meanwhile, a turnover of 276.3 million shares exchanged in 3,690 deals was recorded in the day’s trading.

The premium subsector was the most active (measured by turnover volume); with 117.4 million shares exchanged by investors in 82.3 deals.

Volume in the subsector was largely driven by activities in the shares of UBA Plc and Zenith Bank Plc.

Also, the banking subsector boosted by the activities in the shares of GTBank Plc and Ecobank Plc followed with a turnover of 82.3 million shares in 617 deals.

Further analysis of the day’s trading showed that in percentage terms UACN Plc topped the day’s gainers’ table with 9.41 per cent to close at N9.30 per share while Japaul Oil Plc followed with 8.33 per cent to close at 26 kobo per share. Cadbury Nigeria Plc added 4.44 per cent to close at N9.40 per share.

On the flip side, Skyway Aviation Holding Company Plc led the losers with a drop of 9.89 per cent to close at N3.37 per share while Caverton Plc shed 9.86 per cent to close at N2.65 per share. MRS Oil Plc trailed with 9.80 per cent to close at N13.80 per share.