Investors’ interests in the stocks of financial institutions listed on the Nigerian Exchange Limited drove the second day of consecutive gain on the local bourse.

The All-Share index inched up by +0.04 per cent reiterating its previous day’s gain of +0.43per cent to close at 67,353.23 basis points. Similarly, the market capitalisation crossed N37tn to N37.004tn at the close of trading.

Buy pressure in stocks of United Bank for Africa, Eterna, AccessCorp, GTCO, Zenith Bank, Fidelity, Mansard and Eterna were the major drivers of the upward trend.

The day’s transaction volume rose from the previous day’s trading figure of 377.97 million to 397.56 million units of shares valued at N4.66bn traded in 6,165 deals. The number of stocks that traded at the end of the day’s session was 119.

Market breadth, which measures investors’ sentiments, was moderate at 1.06x compared to its previous market breadth of 1.23x as 19 stocks emerged gainers against 18 losers.

Leading the gainers’ chart was Guinea Insurance with 9.09 per cent appreciation in its shares to close at N0.24. The insurance firm on Tuesday listed 1,802,800,000 ordinary shares of 50 Kobo each at 50 Kobo per share on the Daily Official List of the NGX.

The additional shares arose from Guinea Insurance’s private placement. With this listing of the additional shares, the total issued and fully paid-up shares of Guinea Insurance Plc have now increased from 6,140,000,000 to 7,942,800,000 ordinary shares of 50 kobo each.

Other gainers include oil firm, Eterna, whose shares gained 6.86 per cent to close at N14.80, Unity Bank’s shares closed at N0.96 after a gain of 5.49 per cent, Jaiz Bank rose by 5.26 per cent to close at N1.60 and Omatek’s shares appreciated by 4.55 per cent to close at N0.46.

Losers include Computer Warehouse Group whose shares dipped by 10 per cent to N8.55, RT Briscoe lost 8.77 per cent to close at N0.52, Africa Prudential Plc lost 7.14 per cent to close at N6.50 per unit, FTN Cocoa lost 6.29 per cent to close at N1.64 and Neimeth lost 6.06 per cent to close at N1.55 per unit.

A look at sectoral performance showed that it was largely bullish as three out of five sectors gained. The Banking, Insurance and Oil/Gas indexes led the gainers, advancing by 0.74 per cent, 0.27 per cent and 0.22 respectively. While the Industrial goods sector declined by 0.06 per cent and the Consumer Goods sector remained flat.

In terms of volume, Wema Bank emerged as the most actively traded stock, with 88.99 million shares worth N418.15bn changing hands in 65 deals.

This was followed by AccessCorp with 35.61 million units of shares valued at N598.49m traded in 429 exchanged, over 35.17 million units of UBA shares worth N659.13m were exchanged in 470 deals, Fidelity Bank had 33.41 million units of its shares valued at N279.51m traded in 222 deals and 23.421 million units of GTCO shares valued at N828.48m were traded in 361 deals.

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