The Nigerian stock market sustained its bullish momentum on Tuesday, recording a significant N203 billion increase in market capitalisation as investors showed renewed confidence in key sectors.
Data from the Nigerian Exchange Limited (NGX) revealed that the market capitalisation rose from N89.493 trillion on Monday to N89.696 trillion by the close of Tuesday’s trading session, representing a 0.23 percent growth. Similarly, the All-Share Index (ASI) advanced by 321.59 points, or 0.23 percent, closing at 141,761.36 compared to 141,439.77 recorded at the previous session.
Market analysts attributed the upward trend to strong demand for equities in non-banking sectors, particularly stocks such as NCR Nigeria, Berger Paints, Beta Glass, Cadbury Nigeria, and Sky Shelter Fund. These stocks were among the top gainers, driving investor interest and boosting overall market performance.
Despite the positive close, the market breadth ended slightly negative, with 34 stocks declining against 27 gainers, indicating that some investors remained cautious amid ongoing economic uncertainties.
Among the laggards were Legend Internet, Secure Electronic Technology, Cutix Plc, and Deap Capital Management, which recorded noticeable declines during the session.
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Trading activity also improved, with a total of 605.02 million shares worth N12.89 billion exchanged across 28,845 transactions. This showed an increase from Monday’s volume of 591.2 million shares valued at N11.7 billion, albeit spread over fewer transactions, as investors appeared to engage in larger trades.
First City Monument Bank (FCMB) emerged as the most actively traded stock of the day, with 89.29 million shares changing hands valued at N980.8 million. This high level of activity underlines investor confidence in the banking sector, even as the broader market showed mixed results.
Market experts suggest that the positive movement in key non-banking stocks reflects growing optimism about corporate earnings and economic recovery prospects in Nigeria. However, the mixed market breadth indicates that investors remain watchful of macroeconomic factors and global market dynamics that could impact market stability in the near term.
As the market continues to navigate these challenges, analysts expect cautious trading with potential for further gains should positive economic indicators emerge.
