The Nigerian stock market extended its recent gains on Tuesday, as the benchmark All-Share Index (ASI) rose by 516.93 points, or 0.31 percent, to close at 165,901.57. The positive performance mirrored a rise in total market capitalization, which increased by N332 billion to settle at N106.494 trillion.
Trading on the Nigerian Exchange Limited (NGX) was predominantly bullish, driven by strong demand for several key stocks. Industrial and Medical Gases, Union Dicon Salt, Zichis Agro Allied Industries, and Austinlaz each hit the 10 percent upper price limit, closing at N34.65, N9.90, N5.06, and N4.07 per share, respectively. RT Briscoe also recorded significant appreciation. The positive market breadth, with 35 stocks advancing against 34 decliners, underscored the session’s upbeat sentiment.
Conversely, Cutix and Omatek Ventures both declined by 10 percent to close at N3.15 and N2.43 per share. Union Homes Real Estate Investment Trust rounded out the top losers with a 9.95 percent drop.
Despite the broad-based gains, trading activity moderated compared to the previous session. A total of 736.4 million shares, worth N24.7 billion, were traded across 46,026 deals. This represented a 3.45 percent decrease in volume and a 17 percent reduction in the number of transactions from the prior day. However, the total transaction value rose by 29 percent, indicating larger ticket trades.
GTCO was the most actively traded stock, accounting for 65.90 million shares valued at N6.53 billion. This volume represented 8.95 percent of the day’s total market turnover and 26.47 percent of its overall value.
The session’s data highlights a market where price gains are being led by specific high-demand stocks, resulting in a higher aggregate value of transactions even as the number of individual trades declines.
