The Nigerian stock market extended its winning streak for a second consecutive day on Tuesday, as investors gained N1.838 trillion following a rise in total market capitalization. The Nigerian Exchange Limited (NGX), the country’s primary bourse, reported that market cap grew from N111.658 trillion to N113.496 trillion, a 1.65 percent increase. This mirrored the performance of the All-Share Index, which climbed 1.65 percent, or 2,863.21 points, to settle at 176,809.43.
The rally was broad-based, driven by sustained buying interest across multiple sectors. Leading gainers included Etranzact, John Holt, Deap Capital Management, and Omatek Ventures, each hitting the 10 percent upper circuit limit to close at N20.35, N8.80, N8.25, and N3.19 per share, respectively. On the losing side, Abbey Mortgage Bank dropped 9.82 percent to N12.40, followed by Skyway Aviation Handling Company, Guinea Insurance, Consolidated Hallmark Holdings, and Livestock Feeds.
Trading activity showed robust growth in both volume and value, though the number of transactions declined. A total of 1.3 billion shares valued at N50.4 billion were exchanged across 58,965 deals, compared to 775.18 million shares worth N27.9 billion in 65,960 deals on Monday. This represents a 35 percent rise in volume and a 75 percent surge in value, while deals fell 11 percent. The reduction in deal count alongside higher volume and value indicates a shift toward larger block trades.
Deap Capital Management dominated volume with 283.12 million shares traded, accounting for 21.73 percent of the day’s total. MTN Nigeria led in value traded at N6.80 billion, representing 13.49 percent of the overall value.
Tuesday’s gains follow a N1.4 trillion increase on Monday, pushing the NGX’s year-to-date return to 13.62 percent. The market breadth closed positive with 66 gainers against 22 losers, underscoring the wide participation in the rally. This back-to-back performance marks a strong start to the year for Nigeria’s equities market, with cumulative gains exceeding N3.2 trillion in two sessions.
