The Nigerian exchange (NGX) suffered its upward boost for the fourth consecutive session on Tuesday, with the All-Share reference index (as) increasing 0.23 percent to close by 142,710.48 basic points.
This raised the yield of the year to 38.65 percent of 38.33 percent in the previous session, while market capitalization advanced for N465.88 billion to settle at N90.58 billion.
The positive departure was largely driven by a strong demand in heavyweights such as Transcorp, an increase of 8.48 percent, Fidelity Bank, an increase of 5.26 percent and Aradel holdings, 9.82 percent more.
Their profits exceeded profits in first level banking actions, including United Bank for Africa, 2.70 percent less than access holdings, 0.19 percent, Zenith Bank, 0.86 percent less than a guarantee trust portfolio company, 0.11 percent less.
The sectorial performance closed in a mixed note. Oil and gas obtained 3.14 percent, industrial goods increased 1.48 percent and banking advanced 0.34 percent. On the other hand, insurance lost 3.77 percent, while consumer goods fell 0.77 percent, reflecting the selective positioning of investors in the sectors.
Commercial activity was significantly strengthened, with a transaction volume and a value that rose at 223.09 percent and 156.72 percent, respectively. Fidelity Bank dominated the session, representing 793.04 million units valued at N15.88 billion, which underlines the strong appetite of investors in the middle level lender.
Despite the profits, the amplitude of the market closed negative, with 28 advances against 31 decline. UPDC, who won 9.98 percent, led the list of the gainers, while Union Dicon, which fell 10 percent, exceeded the lagging. Several other actions closed flat.
Analysts point out that the upward career sustained in the market reflects the feeling of resistant investors, particularly in the energy and the selected bank names, despite the outcome of profits in the blue chip lenders.
Market observers expect the impulse to remain largely driven by the search for bargains and the recreation of the portfolio as the quarter is closed.
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