The Nigerian stock market extended its bullish run on Tuesday, adding N1.86 trillion in market value as renewed investor appetite for heavyweight stocks, led by MTN Nigeria Communications Plc and Dangote Cement Plc, pushed key market indicators to fresh highs.
Market capitalisation rose to N152.136 trillion, up from N150.271 trillion at the previous close, while the Nigerian Exchange (NGX) All-Share Index (ASI) advanced by 2,905.05 points, or 1.24 per cent, to close at 237,083.28 points, compared to 234,178.23 points recorded in the previous trading session.
The latest rally lifted the market’s month-to-date return to 3.3 per cent, while the year-to-date gain strengthened to 52.4 per cent, underscoring sustained investor confidence in equities despite prevailing macroeconomic uncertainties.
The market’s performance was driven largely by buying interest in blue-chip stocks. MTN Nigeria gained 2.62 per cent to close at N780 per share, while Dangote Cement appreciated by 5.40 per cent to settle at N1,015 per share.
Sectoral performance remained broadly positive, with the Industrial Goods Index leading the gains after rising 3.4 per cent. The Insurance Index advanced 1.2 per cent, while the Oil and Gas, Consumer Goods, and Banking indices appreciated by 0.6 per cent, 0.5 per cent, and 0.1 per cent, respectively.
Analysts at United Capital Plc said the market’s recovery could extend through the week, supported by ongoing banking sector recapitalisation and positioning ahead of the second-half earnings season.
“The recovery recorded last Friday may be sustained during the week. Banking should remain comparatively resilient on the back of the ongoing recapitalisation drive, while Consumer Goods and Insurance could offer relative safety for investors rotating into more defensive names. Overall market direction will likely hinge on stock-specific earnings positioning ahead of the H2 results season,” the investment firm said.
Investor sentiment remained firmly positive, with 54 stocks recording gains against 17 losers, reflecting strong market breadth.
Cadbury Nigeria Plc and Zichis Agro Allied Plc emerged as the day’s top gainers, each appreciating by 10 per cent to close at N61.60 and N26.62, respectively.
They were followed by Nigerian Aviation Handling Company (NAHCO), which gained 9.99 per cent to close at N133.65, DAAR Communications Plc, up 9.94 per cent to N1.99, and Ikeja Hotel Plc, which advanced 9.90 per cent to N47.20 per share.
On the losers’ chart, Consolidated Hallmark Holdings Plc (CMFC), Fortis Global Insurance Plc, and Trans Express Plc each shed 10 per cent to close at N3.33, N2.61, and N2.70, respectively.
Ecobank Transnational Incorporated (ETI) declined 9.98 per cent to N85.70, while Mecure Industries Plc lost 9.96 per cent to close at N85.45 per share.
Trading activity was mixed as total transaction volume dipped by one per cent to 493.67 million shares, valued at N28.02 billion, across 49,969 deals.
Zenith Bank Plc retained its position as the most actively traded stock, accounting for 94.29 million shares worth N9.91 billion, reinforcing continued investor interest in banking stocks amid the sector’s recapitalisation exercise.
