The Nigerian stock market recorded a marginal recovery on Tuesday, as renewed buying interest in Zenith Bank and 18 other stocks lifted market capitalisation by N29bn.
The Nigerian Exchange Limited All-Share Index rose by 0.02 per cent to close at 254,289.35 points, increasing its year-to-date return to 63.41 per cent.
Similarly, market capitalisation advanced by N29bn to close at N165.11tn.
Despite the modest gain, overall market sentiment remained negative, with 32 stocks recording losses against 19 gainers.
University Press led the gainers’ table, appreciating by 9.52 per cent to close at N4.60 per share. Omatek Ventures followed with an 8.59 per cent increase to N1.39.
International Breweries gained 6.47 per cent to close at N9.05, while Royal Exchange and Guinea Insurance advanced by 5.26 per cent each to N1.00 and 80 kobo respectively.
On the losing side, Fortis Global Insurance topped the laggards’ table, shedding 10 per cent to close at N1.53 per share.
Vitafoam Nigeria declined by 9.99 per cent to N141.50, while Abbey Mortgage Bank lost 8.73 per cent to close at N5.75.
Caverton Offshore Support Group fell by 7.58 per cent to N3.05, while Livestock Feeds dropped by 6.51 per cent to N13.65 per share.
Trading activity improved slightly, with total volume rising by 1.58 per cent to 525.439 million shares. The transactions were valued at N22.611bn and executed in 39,078 deals.
Zichis Agro Allied Industries recorded the highest trading volume, with 127.480 million shares worth N2.167bn changing hands.
Access Holdings followed with 42.594 million shares valued at N1.134bn, while Chams Holding Company traded 25.415 million shares worth N80.185m.
VFD Group recorded 23.241 million shares valued at N289.942m, while International Energy Insurance traded 19.456 million shares worth N33.642m.
Commenting on the market outlook, Cowry Assets Management Limited said selective accumulation of fundamentally sound stocks could support the modest recovery.
However, the investment firm cautioned that negative market breadth and persistent selling pressure could limit further gains.
