Investors on the Nigerian Exchange continued their bullish run on Tuesday, pushing the equities market higher for the second straight trading session as renewed demand for major stocks lifted overall market performance.
The sustained buying pressure translated into significant gains for shareholders, with the market recording an increase of N1.64tn in value by the close of trading.
Data from the Nigerian Exchange showed that the benchmark All-Share Index (ASI) advanced by 2,524.00 points, representing a 1.06 per cent appreciation, to close at 240,743.19 points. In the same vein, total market capitalisation climbed to N154.48tn, reflecting the strong appetite for equities among investors.
Market analysts attributed the rally largely to renewed interest in medium and large-capitalisation stocks, particularly Airtel Africa, Guaranty Trust Holding Company (GTCO), Transnational Corporation of Nigeria (Transcorp), Lafarge Africa, and Zichis Agro Allied Industries. The gains recorded by these counters helped offset losses in several other stocks and strengthened the market’s upward trajectory.
Investor sentiment remained upbeat throughout the session, as reflected in the market breadth. A total of 33 stocks posted gains, surpassing the 23 equities that closed in negative territory, indicating a broadly positive trading environment.
On the gainers’ table, Guinea Insurance and telecommunications heavyweight Airtel Africa emerged as the top performers. Both stocks appreciated by the maximum daily limit of 10 per cent to close at N1.10 and N4,358.80 per share respectively.
International Energy Insurance also delivered a strong performance, rising by 9.89 per cent to settle at N6.11 per share. Tripple Gee & Company gained 9.82 per cent to close at N3.69, while Cornerstone Insurance advanced by 9.76 per cent to finish the day at N6.75 per share.
Despite the overall positive market sentiment, some stocks came under selling pressure. Red Star Express topped the losers’ chart after shedding 9.96 per cent of its value to close at N24.85 per share. Premier Paints followed closely with a 9.93 per cent decline to N30.40, while Trans-Nationwide Express lost 9.82 per cent to close at N4.04 per share.
Royal Exchange also recorded a notable loss, dropping 9.38 per cent to N1.45 per share, while Abbey Mortgage Bank depreciated by 9.29 per cent to close at N8.30 per share.
Trading activity on the exchange witnessed a sharp increase, highlighting stronger investor participation across various sectors. The total volume of shares traded surged by 15.74 per cent, reaching 564.91 million units, compared to the previous session.
The shares exchanged hands in 49,230 deals and were valued at N39.35bn, underscoring the heightened level of market activity and liquidity.
Fidelity Bank emerged as the most actively traded stock by volume, with investors exchanging 59.37 million shares worth N1.08bn. Zenith Bank followed closely, recording transactions of 49.53 million shares valued at N5.86bn.
Dangote Sugar Refinery ranked third on the activity chart with 43.12 million shares traded at a value of N3.13bn, while Chams Holding Company posted a volume of 39.51 million shares worth N156.46m.
Access Holdings rounded out the list of the five most actively traded equities, with investors exchanging 30.71 million shares valued at N703.63m.
The latest market performance reinforces growing investor confidence in Nigerian equities, particularly in fundamentally strong banking, telecommunications, and industrial stocks. Analysts say sustained corporate earnings growth, improved investor sentiment, and strategic positioning in blue-chip stocks continue to support the market’s upward momentum, although profit-taking activities in selected counters remain a factor to watch in the coming sessions.