The Nigerian equities market experienced a significant surge on Tuesday, with the market capitalisation reaching a historic high of 96.134 trillion Nigerian naira. This development was driven by the performance of several Nigerian firms, including SCOA Nigeria, Omatek, Consolidated Hallmark Holdings, and BUA Foods, among others. As a result, the Nigerian Exchange Limited’s All-Share Index rose by 0.01 percent, or 1,516.10 points, to close at 151,456.91.

The market’s bullish run led to investors gaining 963 billion naira, with the market capitalisation increasing by 0.01 percent from its opening value of 95.171 trillion naira. Despite this uptrend, the market breadth closed negative, with 30 losers recorded compared to 28 gainers. The top gainers included SCOA Nigeria, Omatek, Consolidated Hallmark Holdings, BUA Foods, and Vitafoam, along with 23 other equities.

On the other hand, Livingtrust Mortgage Bank led the losers, experiencing a decline of 9.91 percent to close at 4 naira, followed by Conoil and Africa Prudential Sovereign Trust. A total of 551.92 million shares worth 20.54 billion naira were traded in 27,518 deals, indicating a significant level of market activity. Fidelity Bank led in trading volume, with 59.1 million shares valued at 1.18 billion naira, while VFD Group followed with 39.31 million shares worth 424.7 million naira.

Access Corporation and Guaranty Trust Holding Company also recorded substantial trading volumes, with 37.4 million shares and 31.4 million shares exchanged, respectively. The total value of shares traded by these companies was 950.1 million naira and 2.92 billion naira, respectively. The Nigerian equities market’s performance is a significant indicator of the country’s economic activity, and this recent surge may have implications for investors and the broader economy. As the market continues to evolve, it is likely that investors will be closely monitoring developments to capitalize on emerging opportunities.