The Nigerian equities market experienced a significant gain on Tuesday, with a historic increase of N1.662 trillion, marking the 22nd consecutive day of bullish sentiment among investors. This surge in market activity is attributed to renewed investor confidence, driven by increased demand for blue-chip stocks and positive market momentum.
The market capitalisation rose by 1.59 per cent, closing at N106.182 trillion, up from N104.520 trillion recorded in the previous session. Similarly, the All-Share Index (ASI) appreciated by 1.59 per cent, gaining 2,592.64 points to close at 165,837.33. This growth has pushed the year-to-date return to 6.57 per cent.
The market breadth also closed positive, with 56 gainers against 14 losers. MTN Nigeria, PZ Cussons, Etranzact International, Caverton Offshore Support Group, and Deap Capital Management led the gainers’ table, each rising by 10 per cent. On the other hand, Universal Insurance, Prestige Assurance, and Regency Alliance Insurance were among the top losers, with declines of 6.25 per cent, 5.81 per cent, and 5.17 per cent, respectively.
A total of 1.131 billion shares valued at N33.5 billion were traded across 49,216 transactions, representing a 75 per cent increase in market value compared to the previous session. Sovereign Trust Insurance recorded the highest volume, with 344 million shares traded. The increased market activity and positive sentiment suggest a growing confidence in the Nigerian equities market, driven by the demand for high-value stocks and overall market momentum.
The sustained bullish trend in the market is a significant development, indicating a potential shift in investor sentiment. As the market continues to grow, it is likely to attract more investors, both domestic and international. The Nigerian economy, which has faced challenges in recent years, may benefit from the increased investment and confidence in the equities market. The market’s performance will be closely watched in the coming days to see if the bullish trend continues, and its potential impact on the broader economy.
