Despite the ongoing nationwide strike by the Nigerian Labour Congress, the Trade Union Congress and other civil societies groups, activities on the Nigerian Stock Exchange went on uninterrupted on Tuesday.

The market was again on an upbeat trend, just like the preceding day, as market indices closed with a gain of 0.5 per cent.

Investors, on Tuesday, staked N1.66bn on 58.2 million shares in 300 transactions, compared to the 46.06 million shares, worth N585bn exchanged in 209 deals the previous day.

This represented an increase by 26 per cent in terms of value and 185 per cent in terms of volume, respectively.

Thus, the market capitalisation of the listed equities rose by 0.5 per cent or N33bn from N6.555tn recorded the preceding day to N6.588tn.

Similarly, the NSE’s All-Share Index gained 0.5 per cent or 103.02 per cent to 20,905.35 points, up from 20,802.33 recorded the previous day.

The NSE-30 Index was also up by 0.5 per cent or 4.59 basis points, from 934.50 points on Monday to 939.09 basis points.

An analyst, who spoke to our correspondent on the condition of anonymity, noted that the marginal rise recorded in equity trading activities was largely as a result of the fact that some wise investors were taking advantage of the instability in the economy to make strategic investments.

He said, “Nigeria has witnessed several fuel subsidy crises in the past, which were resolved without long- term damage to the economy. Because the capital market is long-term, strategic investors are trying to immediately tap from the panic arising from the current state of the nation.

“It is true that the equities market will be the beneficiary when fuel subsidy is discontinued, as the need to borrow by government would diminish, and these strategic investors are well aware of this fact.”

The Banking sub-sector continued to maintain its lead on the activity chart, as trading in the sub-sector accounted for 84 per cent of total turnover recorded on Tuesday. In the sub-sector, 48.67 million shares worth N236m were exchanged by investors in 143 deals.

Zenith Bank Plc emerged the highest gainer of the day, rising by 2.3 per cent or 28 kobo to close at N12.30 per share.

Glaxo SmithKline Consumer Plc, on the other hand, lost the highest price, shedding five per cent or N1.15 to close at N21.85 per share.

Source: Punch/Udeme Ekwere