On Tuesday, activities on the floor of the Nigerian Stock Exchange witnessed its sixth consecutive trading day of positive returns as major indicators swung high.

Specifically, the NSE All-Share Index hit a six-week high, as it rose by 0.9 per cent or 228.11 basis points to 27,050.20 basis points, up from 26,822.09 points recorded the previous day.

The market capitalisation of the listed equities also gained 0.9 per cent or N73bn, from N8.570tn recorded on Monday to close at N8.643tn on Tuesday.

Other indices in the equities market also recorded significant gains as the NSE-30 Index gained one per cent or 12.71 basis points to 1,287.44 points, up from 1,274.73 points recorded the preceding day. The Consumer Goods Index gained 1.4 per cent or 11.56 basis points, from 814.08 points to 825.64 points.

The NSE Banking Index and the Insurance Index rose by 0.9 per cent and 1.3 per cent, respectively, to close at 316.98 and 118.20 basis points.

Thus, the Year-to-date appreciation of the market rose to 30.48 per cent, compared to about 27 per cent return recorded at the end of activities last month.

Analysts from FSDH Securities Limited, said, “The appreciation in the Index at the end of the trading session can be  attributed to the gains recorded in the share prices of a number of highly capitalised stocks, such as Nestle Nigeria Plc, FBN Holdings Plc, Nigerian Breweries Plc, Guaranty Trust Bank Plc and Access Bank Plc.”

The banking sub-sector of the financial services sector recorded the highest activity of the day, as it accounted for most of the volume traded on Tuesday.

In the sub-sector, investors exchanged 144.51 million shares, valued at N1.599bn in 2,062 deals.

Seven-Up Bottling Company Plc led 25 other companies on the price gainers’ chart, rising by 10 per cent or N4 to close at N4 4per share.

Air Services and Logistics Plc followed on the chart, rising by 9.9 per cent or 27 kobo to close at N2.98 per share.

Source: Punch (written by Udeme Ekwere)