The Nigerian stock market continued its upward trend on Tuesday, with investors enjoying a substantial gain of N884 billion. Market capitalization increased by 0.67 percent, rising from N131.608 trillion to N132.492 trillion. The All-Share Index also advanced by 1,372.52 points, or 0.67 percent, closing at 205,831.38. This positive performance has pushed the year-to-date return to 32.27 percent, with market breadth ending on a positive note, showing 42 gainers compared to 21 losers.
Leading the gainers’ chart were Stanbic IBTC and Ecobank Transnational Corporation, both of which appreciated by 10 percent, closing at N161.70 and N50.60 per share, respectively. NGX Group followed closely with a gain of 9.97 percent, settling at N168.75. Additionally, Cornerstone Insurance rose by 9.94 percent to N5.64, while Mecure Industries advanced by 9.92 percent to N67.60 per share. On the other hand, Fortis Global Insurance topped the losers’ table, shedding 8.20 percent to close at N1.12. McNichols Plc experienced an 8.17 percent decline to N6.52, and Academy Press dropped by 6.96 percent to N7.35 per share. International Energy Insurance lost 6.88 percent, closing at N3.25, while Guinea Insurance fell by 5.83 percent to N1.13 per share.
An analysis of trading activity revealed a 21 percent increase in volume, although there was a 0.62 percent decline in value and a 25 percent drop in the number of deals. A total of 569.3 million shares worth N32.25 billion were traded across 45,777 transactions, compared to 470.01 million shares valued at N32.45 billion exchanged in 60,793 deals on Monday. Access Corporation led the activity chart by volume, trading 67.53 million shares worth N1.75 billion, followed by Zenith Bank with 39.74 million shares valued at N4.5 billion. VFD Group traded 37.61 million shares worth N422.99 million, while Guaranty Trust Holding Company recorded 30.57 million shares valued at N3.79 billion. Lasaco Assurance traded 26.31 million shares worth N52.61 million.
The sustained rally in the market underscores growing investor confidence in Nigeria’s equity landscape, bolstered by strong corporate earnings and improving macroeconomic conditions. Market analysts suggest that this continued positive sentiment could further enhance gains in the upcoming sessions. However, investors are advised to remain cautious amid global economic uncertainties.
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