By Seun Ibiyemi
The Nigerian stock market extended its bullish momentum on Tuesday, with investors gaining N687 billion amid sustained buying interest in key equities.
Market capitalisation rose by 0.54 per cent, increasing from N129.329 trillion to N130.026 trillion at the close of trading, reflecting renewed investor confidence.
Similarly, the NGX All-Share Index advanced by 1,084.68 points, or 0.54 per cent, from 201,474.89 to 202,559.57.
Market analysts attributed the positive performance to continued demand for fundamentally strong stocks.
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“Sustained demand in fundamentally strong stocks continues to drive the upward trend,” analysts said.
The rally was largely driven by gains in high-capitalised stocks such as BUA Cement, Premier Paints, Zenith Bank, Nigerian Aviation Handling Company, and RT Briscoe.
BUA Cement led the gainers’ chart with a 10 per cent increase to close at N326.70, while Premier Paints rose by 9.89 per cent to N23.40 per share.
Zenith Bank gained 7.91 per cent to settle at N111.15, as Nigerian Aviation Handling Company climbed 7.14 per cent to N175.60. RT Briscoe also appreciated by 6.67 per cent to close at N11.20 per share.
On the losers’ table, Presco declined by 10 per cent to close at N1,875.60. Caverton Offshore Support Group dropped 8.70 per cent to N6.30, while Secure Electronic Technology fell 7.69 per cent to N1.20 per share.
Also, Guinea Insurance shed 6.43 per cent to close at N1.31, and International Breweries declined by 6.35 per cent to N14 per share.
Market activity recorded a significant boost, with total traded volume rising by 84.75 per cent to 1.75 billion shares valued at N88.10 billion, executed across 62,654 deals.
FCMB Group led in volume, with 516.23 million shares traded, accounting for 29.47 per cent of the total volume. Meanwhile, Zenith Bank recorded the highest value of trades at N18.10 billion, representing 20.55 per cent of the total market turnover.
Traders noted that strengthening investor confidence continues to drive gains across major sectors, sustaining the market’s upward trajectory.
