The Nigerian Exchange Ltd. (NGX) rebounded on Tuesday, reversing two days of bearish trends, with a gain of N315 billion.
The NGX market capitalisation rose by N315 billion, representing 0.46 per cent, closing at N68.357 trillion, up from N68.042 trillion on Monday.
Similarly, the All-Share Index (ASI) increased by 501.14 points or 0.46 per cent, closing at 108,762.61, compared to 108,261.47 in the previous session.
The uptrend was a result of bargain-hunting in some select stocks.
Meanwhile, the market breadth closed positively with 41 gainers and 24 losers.
On the advancers’ chart, Chellaram rose by 10 per cent, to close at N11.44 per share, while Oando Plc soared by 10 per cent, settling at N49.50 per share.
Transcorp gained by 9.99 per cent, ending the session at N46.25 and Beta Glass grew by 9.96 per cent, closing at N194.30 per share.
Also, Caverton Offshore Support Group increased by 9.85 per cent, finishing at N3.68 per share.
On the decliners’ chart, Haldane McCall Plc fell by 9.85 per cent, settling at N4.21, while Academy dropped by 7.33 per cent, closing at N4.30 per share.
UPDC Real Estate Investment decreased by 6.25 per cent, ending the session at N3.00, and ABC Transport shed by 6.13 per cent, to close at N2.91 per share.
Similarly, NPF Microfinance Bank lost by 5.14 per cent, finishing at N2.03 per share.
A total of 498.48 million shares worth N10.781 billion were exchanged across 14,916 transactions. This is compared to 414.57 million shares worth N10.72 billion that were exchanged across 16,664 transactions earlier.
Transactions in the shares of Tantalizer topped the activity chart with 57.80 million shares valued at N131.32 million.
Access Corporation followed with 36.79 million shares worth N784.43 million, while Guaranty Trust Holding Company sold 31.84 million shares valued at N2.19 billion.
Fidelity Bank traded 23.39 million shares worth N470.49 million, and Nigerian Breweries transacted 26.032 million shares valued at N1.08 billion.
Aruna Kebira, managing director of Globalview Capital Ltd., said the upward trend resulted from some investors taking their profits in line with their income objectives as short-term investors remained alert to make profits.
He said the market witnessed a culmination of various cash-outs leading to a profit spree.
