Nigerian equity market upturns 0.67%

L–R: Mojisola Bakare, Divisional Head, Client Coverage and Wealth, Sterling Bank Plc; Abubakar Suleiman, Managing Director/CEO, Sterling Bank Plc; Mr. Olumide Bolumole, Head, Listing Business Division, The Nigerian Stock Exchange (NSE); Justina Lewa, Company Secretary, Sterling Bank Plc and Enabruke Oju, Capital Management, Sterling Bank Plc during the listing of Sterling Investment Management SPV Plc at the Exchange on Tuesday.

Positive sentiment prevailed at the Nigerian Stock Exchange on Tuesday, as investors begin to position for the earning season, following the declaration of earnings for 2018 by Zenith, Transcorp and Nigerian Breweries.

The bourse recovered from the previous day’s loss as the All Share Index (ASI) gained 216.11 absolute points, representing 0.67 per cent growth to close at 32,406.18 points.

More so, Market Capitalization added N80.60 billion, representing 0.67 per cent rise to close at N12.08 trillion.

Japaul Oil and Sovereign Trust Insurance gained 9.52 per cent to top 14 other gainers, while while First Aluminum lost 10 per cent lead 13 other decliners.

Transcorp Plc emerged the active stock in terms of volume as investors traded 120 million of its shares valued at N168 million in 486 deals. But Dangote Cement topped the activity chart in terms of volume with 5 million shares worth N951.61 million.

Investors exchanged 361.82 million shares valued at N4.16 billion in 4,623 deal.

The Nigerian stock market has recorded a 3.10 per cent year-to-date returns, having posted a -15.74 per cent loss in 2018.