Markets
Nigerian equity market recovers from 3-day downtrend
The Nigerian equity market halted its 3-day declining streak on Tuesday as the NGX-ASI gained 0.09% to close at 47,109.25 points, buoyed by interest in AIRTELAF, MTNN, and STANBIC.
The market capitalisation inched up ₦23.9bn to close ₦25.4tn, while the year-to-date return improved to 10.3% from 10.2% on Monday.
Trading activity improved as volume and value traded increased 16.1% and 116.5% respectively to 318.3m units and ₦8.3bn.
The AFR-ICT index gained 0.7% due to price appreciation in AIRTELAF (+1.1%) and MTNN (+0.5), while other indices moved southward.
Topping the laggards’ chart, the Industrial Goods index slid 0.34% due to price depreciation in DANGCEM (-0.5%) and WAPCO (-1.5%).
Similarly, the Banking and Consumer Goods indices lost 0.20% and 0.09% respectively following selloffs in ETI (-1.2%), UBA (-0.6%), INTBREW (-1.0%), and HONYFLOUR (-2.1%).
Also, sell-pressure on MANSARD (-2.1%), REGALINS (-5.1%), OANDO (-0.2%), and ETERNA (-0.5%) weighed on the Insurance and Oil & Gas indices, down by 0.04% apiece.
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