Some relief came the way of investors in the Nigerian Exchange Limited as the trading day ended on a positive note with N100.45bn in gain.
On Monday, the market capitalisation of the Nigerian Exchange Limited shed N658.23bn to close at N65.49tn as the market reacted to the uncertainty in the global economy.
The US stocks fell in what AP termed a “manic Monday” after President Donald Trump doubled down on his tariffs. The S&P 500 fell into negative territory Tuesday afternoon, losing all earlier gains, as President Donald Trump’s tariff deadline neared.
The broad market index last traded down 0.1 per cent, while the Nasdaq Composite dropped 0.2 per cent. The Dow Jones Industrial Average added 109 points, or 0.3 per cent. The major averages lost gains from an earlier relief rally, during which the 30-stock Dow had jumped as much as 3.8 per cent, and the S&P 500 and Nasdaq had rallied more than 4 per cent each, reports CNBC.
However, at the close of Tuesday’s trading, both the market capitalisation and All Share Index of the local bourse rose by 0.15 per cent to N65.59 tn and 104,376.73 points, respectively.
Despite the rebound, trading activity was muted as traded volume rose by 3.71 per cent to 460,565,077 million shares valued at N10.11bn. This is about 9.35 per cent lower than the value of traded shares in the previous trading session. The number of deals also declined by 7.41 per cent.
The market breadth remained negative, as 16 stocks advanced against 43 losers.
The sectoral performance was mixed: the banking and oil & gas sectors recorded gains of 1.89 per cent and 0.04 per cent, respectively, while the insurance, consumer goods, and industrial goods sectors declined by 4.07 per cent, 0.16 per cent, and 0.11 per cent. The commodity sector remained flat at 0 per cent.
Top gainers included Secure Electronic Technology, Abbey Mortgage Bank and Sterling Financial Holding Company, which gained 8.89 per cent, 8.35 per cent and 6.85 per cent, respectively.
The losers were UH Real Estate Investment Trust, which shed 9.95 per cent to close at N46.15; NAHCO, whose stock price depreciated by 9.94 per cent to N62.95; and NEM Insurance, which saw its shares decline by 9.92 per cent to N11.80 per share.
Banking stocks dominated the top trades, led by Access Corp, Guaranty Trust Holding Company, Fidelity Bank and FCMB Group.
