For the second time this week, Nigeria’s stock market rallied by 0.50 percent on Tuesday as investors bought mostly the shares of BUA Cement Plc, Nigerian Enamelware Plc, Neimeth International Pharmaceuticals and other major advancers.
The market’s year-to-date (YtD) return has risen to 40.68 percent. BUA Cement led the league of market’s major gainers after rising from N155 to N170.50, adding N15.50 or 10 percent.
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Also, Nigerian Enamelware Plc, another major gainer on Tuesday, rallied from N27 to N29.70, adding N2.70 or 10 percent. Neimeth made the league of top advancers after its share price rose from N7 to N7.70, adding 70kobo or 10 percent.
“Lower interest rates and upcoming earnings-dividend expectations keep the mood bullish, but after the sharp run-up, some caution is advised,” said Lagos-based Vetiva research analysts in their August 4 post-trading note. They had expected the market to trade in a range-bound manner on Tuesday, “albeit with a bullish tilt, driven by position-taking in the low-mid cap space”.
AIICO made the top advancers list after its share price increased from N2.40 to N2.64, adding 24kobo or 10 percent, while Mutual Benefits Assurance share price increased from N2 to N2.20, up by 20kobo or 10percent.
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At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased from the preceding trading day’s lows of 144,071.78 points and N91.149 trillion respectively to 144,796.37points and N91.608trillion.
In 38,932 deals, investors exchanged 1.027billion shares valued at N22. 836billion. AIICO, Universal Insurance, Linkage Assurance, Fidelity Bank, and Veritas Kapital Assurance were actively traded stocks on Tuesday.
