The Nigerian stock market surged further on Tuesday, rising 1.21 percent to close at 41,584.94 as companies begin to release their unaudited financial results for the year ended December 2020.
Apart from the benchmark index that appreciated, market capitalisation added N259.4 billion to close at N21.8 trillion. Similarly, activity level advanced as volume and value traded rose 40.5 per cent and 110.8 per cent to 467.9 million shares and N5.6 billion respectively, according to ThisDay.
The bulls were in total control of the session yesterday as 32 stocks appreciated, while 19 depreciated. Although gains by Airtel Africa Plc, MTN Nigeria Plc and Lafarge Africa Plc influenced the rise in the NSE ASI, RT Briscoe Nigeria Plc led the price gainers’ table with 10 per cent.
Champion Breweries Plc trailed with a gain of 9.8 per cent, while Universal Insurance Plc chalked up 9.5 per cent. African Alliance Insurance Plc and Fidson Healthcare Plc garnered 9.0 per cent and 8.6 per cent respectively.
Royal Exchange Plc, Consolidated Hallmark Insurance Plc, Prestige Assurance Plc and Airtel Africa Plc chalked up 8.3 per cent, 8.1 per cent, 8.0 per cent and 7.6 per cent in that order.
Conversely, Seplat Petroleum Development Company Plc led the price losers with 9.2 per cent, trailed by Academy Press Plc with 9.0 per cent. Niger Insurance Plc and Veritas Kapital Assurance Plc shed 7.4 per cent and 7.1 per cent respectively among others.
Meanwhile, the most traded stocks by volume were Transcorp Plc (45.9 million shares), AXA Mansard Insurance Plc (34.7 million shares) and Sovereign Trust Insurance Plc (26.4 million shares) while Airtel Africa Plc (N1.2 billion), Zenith Bank Plc (N501.0 million) and Dangote Cement Plc (N494.6 million) topped by value.
Performance across sectors showed that the NSE Consumer Goods Index appreciated by 0.5 per cent, trailed by the NSE Insurance Index with 0.4 per cent. The NSE Industrial Goods Index rose 0.3 per cent. Conversely, the NSE Oil & Gas Index dipped by 5.3 per cent, followed by the NSE Banking Index shed 0.1 per cent.
Norrenberger Financial Group, a leading financial services group on Monday said equities market are likely to remain favoured in 2021.
According to firm, the market will be shaped by system liquidity, corporate earnings, attractive corporate dividends, foreign exchange and foreign portfolio investors