LAGOS, Nigeria (VOICE OF NAIJA)-The Nigerian Stock Exchange rebounded on Tuesday with a gain of N25.72 billion, driven by increases in the shares of Cornerstone Insurance, Jaiz Bank, Wapic Insurance, and 19 other stocks.
The market capitalization and the All Share Index increased by 0.05 percent, closing at N56.61 trillion and 100,067.77 points, respectively.
Despite the overall rise, the day’s trading was dominated by bearish activity, with the exchange recording 22 gainers and 24 losers.
The top gainers were Cornerstone Insurance, Jaiz Bank, and Wapic Insurance, with increases of 10 percent, 9.95 percent, and 9.59 percent, closing at N2.09, N2.21, and N0.80, respectively.
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Leading the losers were RT Briscoe, which dropped 9.86 percent to N0.64, Cutix Plc, which fell 6.82 percent to N4.01, and C & I Leasing Plc, which declined 6.25 percent to N3.00.
Universal Insurance recorded the highest trading volume with 61.52 million shares, followed by AIICO Insurance with 31.72 million shares and United Bank for Africa with 25.85 million shares.
At the close of trading, sectoral performance was negative as three of the five tracked indices declined: the NGX Consumer Goods, NGX Oil/Gas, and NGX Industrial Goods indices fell by 0.34 percent, 0.03 percent, and 0.01 percent, respectively.
Conversely, the NGX Banking index rose by 0.79 percent, fueled by share price increases in leading banks such as AccessCorp, Zenith, UBA, and GTCO.
Additionally, the NGX Insurance index saw a 1.99 percent gain.
Market activity was positive, with total trading volume and value increasing by 33.11 percent and 10.86 percent, reaching 365.64 million shares and N4.12 billion, respectively. However, the total number of deals dropped by 14.31 percent, totaling 8,665 trades.
On Monday, the equities market opened the week and month on a bearish note, with the NGX-ASI declining by 0.4 percent to 100,020.83 points due to sell pressure on Zenith Bank, UBA, and Nigerian Breweries.