The Nigerian equities market experienced a significant gain on Tuesday, with investors realizing a N469 billion increase in value. This uptick was driven by sustained buying interest in key stocks, including Meyer, Jaiz Bank, ABC Transport, Austinlaz, and Multiverse Mining, among 60 other advancing equities.
The market capitalization, which started the day at N101.806 trillion, rose by N469 billion, or 0.46 percent, to close at N102.275 trillion. Similarly, the All-Share Index gained 0.46 percent, or 732.86 points, to settle at 159,951.08, up from 159,218.22 on Monday. This positive performance led to an improvement in the year-to-date return, with market breadth closing positive and 65 gainers outpacing 21 losers.
Meyer and Jaiz Bank led the gainers’ chart, each recording a 10 percent increase to close at N14.30 and N5.28 per share, respectively. ABC Transport gained 9.98 percent to settle at N4.96, while Austinlaz and Multiverse Mining advanced by 9.94 percent each to close at N5.64 and N17.70 per share, respectively. On the other hand, Aluminium Extrusion Industries declined by 9.96 percent to close at N21.70, Learn Africa shed 9.16 percent to end at N5.95, and Oando dipped by 7.69 percent to settle at N40.80 per share.
The market activity analysis showed a four percent decline in the number of deals, alongside a nine percent growth in traded volume and a seven percent increase in value. A total of 758.9 million shares worth N19.8 billion were traded across 54,212 transactions, compared to 695.6 million shares worth N18.6 billion exchanged in 56,632 deals on Monday. Linkage Assurance recorded the highest volume, with 51.63 million shares traded, accounting for 6.80 percent of total volume for the day, while Guaranty Trust Holding Company recorded the highest value traded at N2.04 billion, representing 10.24 percent of the total value traded.
The Nigerian equities market’s positive performance is a significant development, indicating a growing investor confidence in the market. As the market continues to experience sustained buying interest, it is likely that the year-to-date return will continue to improve. The market’s ability to attract investors and facilitate trade is crucial for the overall health of the economy, and this recent gain is a positive sign for the country’s financial sector.
