The Nigerian stock market experienced a modest rebound on Tuesday, with a 0.10 percent gain, resulting in a N94 billion increase in investor value. This uptick followed six consecutive sessions of decline. The renewed interest in stocks such as NCR Nigeria, Ikeja Hotel, Prestige Assurance, Eunisell Interlinked, and 19 other advancing stocks drove the market’s positive performance.

The market capitalization, which started the day at N91.346 trillion, added N94 billion to close at N91.440 trillion. Similarly, the All-Share Index rose by 0.10 percent or 148.52 points, settling at 143,763.13 compared to the previous day’s 143,614.61. The market breadth was positive, with 23 gainers outpacing 20 losers.

FG152028S1 led the gainers’ chart with a 230 percent increase, closing at N99, while NCR Nigeria trailed with a 9.98 percent gain, ending the session at N45.20. Ikeja Hotel and Prestige Assurance also posted significant gains, rising by 9.86 percent and 9.56 percent, respectively. Conversely, Union Dicon Salt and Caverton Offshore Support Group led the losers’ chart, each declining by 10 percent.

An analysis of market activity revealed a decline in overall deals, volume, and value, with 556.2 million shares worth N18.7 billion exchanged across 19,500 transactions. This represents a decrease from the previous day’s 892.5 million shares valued at N23.5 billion traded in 20,225 deals. FirstHoldCo closed with the highest volume, with 93.72 million shares traded, while STANBIC had the highest value, amounting to N3.21 billion.

The market’s performance follows the outcome of the Central Bank of Nigeria’s Monetary Policy Committee meeting, which retained the country’s headline lending rate, the Monetary Policy Rate, at 27 percent. The Cash Reserve Ratio was also maintained at 45 percent for commercial banks and 16 percent for merchant banks. The MPC’s decision is expected to have a continued impact on the country’s economic landscape.

The modest gain in the stock market may indicate a sense of cautious optimism among investors, as they await further developments in the country’s economic policies. As the market continues to navigate the complexities of the current economic climate, investors will be closely watching the Central Bank’s future decisions and their potential impact on the economy. With the current trends and policies in place, the Nigerian stock market is likely to remain a closely watched and dynamic entity in the coming weeks.