The benchmark index of equities recorded impressive gain on the Nigerian Stock Exchange on Tuesday, making it biggest intra-day gain since January 20, 2016.
The day’s trading saw value buying emerged in blue chips stocks which, according to stock analysts, is an evidence of a sentiment-based shift that can feed a much more rallies even as the market appear to be repricing risk.
DLM Securities Limited, an investment firm, noted that while investors have macroeconomic issues to contend with, the trading demonstrate the important of investment diversification.
Also, another firm, United Capital said it expect sustained improved momentum in demand this week, even as investors continue to take positions on first quarter earnings.
“We note that Q1 has thrown up some positive surprises in terms of earnings performance from counters such as Nestle and Access, and think further surprises may spur demand in the near term,” the firm stated.
The All Share Index appreciated 3.20 per cent to close at 25,865.50 points, compared to the increase of 0.42 per cent recorded on Friday to close at 25,062.41 points.
Market capitalization gained N276 billion to close at N8.897 trillion, compared to the rise of N37 billion recorded on Friday to close at N8.621 trillion.
Nestle Nigeria Plc led the gainers’ table with N63.06 or 10.25 per cent to close at N678.32 per share, followed by Eterna Oil Plc with 23 kobo or 10 per cent to close at N2.53 per share.
Tiger Brands Plc appreciated 27 kobo or 8.91 per cent to close at N3.30 per share, while Dangote Cement Plc added N8.17 or five per cent to close at N171.57 per share.
Nigeian Breweries Plc was up N5.79 or five per cent to close at n121.68 per share.
Conversely, Forte Oil Plc shed seven kobo or 5.98 per cent to close at N1.10 per share, while Wema Bank Plc depreciated four kobo or five per cent to close at 76 kobo per share.
FCMB Plc lost five kobo or five per cent to close at 95 kobo per share, while GlaxoSmithKline Plc fell N1.12 or 4.97 per cent to close at N21.43 per share.
NASCON Plc was down 43 kobo or 4.94 per cent to close at N8.27 per share.