The Nigerian stock market continued its upward trend on Tuesday, with investors’ wealth increasing by N126 billion, representing a 0.12 percent gain. This growth brought the market capitalization on the Nigerian Exchange (NGX) to N106.088 trillion, up from N105.962 trillion in the previous session. The All-Share Index (ASI) also advanced by 0.12 percent, adding 196.26 points to close at 165,713.82, compared to 165,517.56 previously.
The positive performance was driven by renewed buying interest in medium- and large-cap stocks, including Union Homes Real Estate, SCOA, Deap Capital Management, Morison, and RT Briscoe. Market breadth closed positive, with 33 gainers against 26 decliners. Union Homes Real Estate Investment, SCOA, and Deap Capital Management were the top gainers, appreciating by 9.94 percent each to close at N86.25, N28.75, and N8.63 per share, respectively.
On the other hand, Austinlaz led the decliners, shedding 9.96 percent to close at N4.34, followed by Neimeth International Pharmaceutical, Prestige Assurance, Africa Prudential, and Veritas Kapital. Trading activity showed mixed performance, with volume declining by 20 percent and the number of deals falling by 29 percent, while transaction value rose by 0.43 percent.
A total of 483.09 million shares valued at N17.4 billion were traded in 41,499 deals, compared to 601.6 million shares worth N17.3 billion exchanged in 58,429 transactions in the previous session. Access Corporation recorded the highest trading volume, with 26.46 million shares, accounting for 5.48 percent of the total volume traded. Guaranty Trust Holding Company emerged as the most traded by value for the second consecutive session, with transactions worth N2.49 billion, representing 14.33 percent of the day’s total value.
The Nigerian stock market’s sustained growth is a positive indicator of investor confidence in the country’s economy. As the market continues to attract investors, it is likely to have a positive impact on the overall economic growth of Nigeria. The NGX’s performance is closely watched by investors and analysts, and its growth is seen as a key indicator of the country’s economic health. With the market’s upward trend expected to continue, investors are likely to remain optimistic about the prospects of the Nigerian economy.
