By Seun Ibiyemi
Investors on the Nigerian Exchange (NGX) recorded a gain of N1.639 trillion on Tuesday as bullish sentiment persisted across major sectors of the market, including banking, insurance, telecommunications, consumer goods, real estate and industrial stocks.
The positive performance lifted the market capitalisation by 1.06 per cent to N154.484 trillion from N152.845 trillion recorded in the previous trading session.
Similarly, the All-Share Index (ASI) advanced by 2,524.00 points, or 1.06 per cent, to close at 240,743.19, compared with 238,219.19 posted on Monday.
The latest rally strengthened the market’s year-to-date return to 54.71 per cent, reflecting sustained investor confidence despite recent market volatility.
Market breadth closed in positive territory, with 33 gainers outweighing 23 losers at the end of trading.
Telecommunications giant Airtel Africa and Guinea Insurance topped the gainers’ table, each appreciating by 10 per cent to close at N4,358.80 and N1.10 per share respectively.
Other notable gainers included International Energy Insurance, which rose by 9.89 per cent to N6.11 per share, while Triple Gee & Company gained 9.82 per cent to close at N3.69. Cornerstone Insurance also advanced by 9.76 per cent to settle at N6.75 per share.
On the losers’ chart, Red Star Express led with a decline of 9.96 per cent to N24.86 per share. It was followed by Premier Paints, which shed 9.93 per cent to close at N30.40, while Trans-Nationwide Express lost 9.82 per cent to settle at N4.04 per share.
Also among the laggards were Royal Exchange, which dropped 9.38 per cent to N1.45, and Abbey Mortgage Bank, which declined by 9.29 per cent to close at N8.30 per share.
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Trading activity improved during the session, with investors exchanging 564.9 million shares valued at N39.35 billion in 49,230 deals.
This compares with 475.82 million shares worth N36.49 billion traded in 63,567 transactions on Monday.
Fidelity Bank emerged as the most actively traded stock by volume, accounting for 59.37 million shares or 10.51 per cent of the total shares traded during the session.
By value, MTN Nigeria dominated market activity with transactions worth N8.02 billion, representing 20.40 per cent of the total value traded.
Market analysts attributed the strong performance to renewed investor appetite for fundamentally sound stocks and continued positioning in sectors expected to benefit from improving macroeconomic conditions.
The latest gains extend the stock market’s bullish run and reinforce optimism that the Nigerian equities market could sustain its upward trajectory in the coming sessions.
