The Nigerian stock market continued its upward trend on Tuesday, with a significant gain of N203 billion. The market capitalization of the Nigerian Exchange Limited (NGX) increased to N89.696 trillion, representing a 0.23 percent rise from the previous day’s N89.493 trillion. The All-Share Index (ASI) also advanced by 0.23 percent, closing at 141,761.36 points, up from 141,439.77 points recorded on Monday.
The market’s positive performance was driven by demand for equities such as NCR Nigeria, Berger Paints, Beta Glass, and Cadbury, among others. A total of 27 stocks recorded gains, while 34 stocks declined, resulting in a negative market breadth. Non-banking stocks, including NCR Nigeria, Sky Shelter Fund, and Beta Glass, led the gainers’ table, while Legend Internet, Secure Electronic Technology, and Cutix were among the top losers.
A total of 605.02 million shares valued at N12.89 billion were traded across 28,845 transactions on Tuesday, compared to 591.2 million shares worth N11.7 billion traded across 33,342 transactions on Monday. FCMB topped the activity chart, with 89.29 million shares valued at N980.8 million exchanged.
The Nigerian stock market’s sustained bullish trend is a positive development, indicating investor confidence in the market. The increase in market capitalization and ASI reflects the growing value of listed companies and the overall health of the economy. As the market continues to attract investors, it is expected to play a crucial role in facilitating economic growth and development in Nigeria.
The NGX’s performance is being closely watched by investors and analysts, who are eager to see if the market can maintain its upward momentum. With the market’s ability to attract foreign and domestic investment, it is likely to remain a key driver of economic activity in the country. As the Nigerian economy continues to evolve, the stock market is expected to play an increasingly important role in shaping the country’s financial landscape.
