The Nigerian stock market extended its bullish momentum on Tuesday, recording a gain of N1.74 trillion in market capitalisation.
Figures from the Nigerian Exchange (NGX) show that market capitalisation climbed by 2.03 per cent to close at N87.191 trillion, up from N85.455 trillion on Monday. The All-Share Index (ASI) also advanced by 2,746.36 points or 2.03 per cent to settle at 137,912.87 compared with 135,166.51 previously.
The rally was powered by sustained demand for medium and large-cap stocks, including Berger Paints, Learn Africa, MTN Nigeria, Thomas Wyatt Nigeria, Halldane McCall, and 46 others. Market breadth finished on a positive note with 51 gainers against 25 losers.
Berger Paints led the advancers’ table, rising by 10 per cent to N34.10 per share. Learn Africa also gained 10 per cent to close at N6.93, Thomas Wyatt Nigeria rose by 10 per cent to N3.19, and Halldane McCall added 10 per cent to end at N4.73. MTN Nigeria surged by 9.99 per cent, finishing the session at N451.60 per share.
On the losers’ side, Abbey Mortgage Bank shed 10 per cent to close at N7.20 per share. Northern Nigeria Flour Mills dropped 10 per cent to N93.15, Vitafoam Nigeria declined 9.96 per cent to N79.10, and Industrial and Medical Gases lost 9.93 per cent to N37.65. International Breweries slipped 7.10 per cent, ending at N15.05 per share.
Total trading volume reached 940.80 million shares worth N30.63 billion across 28,358 deals, compared with 795.59 million shares valued at N23.2 billion exchanged in 37,626 deals the previous day.
Fidelity Bank dominated activity with 111.27 million shares worth N2.33 billion, followed by Royal Exchange, which traded 74.07 million shares valued at N110.8 million. Jaiz Bank exchanged 60.86 million shares worth N238.19 million, Universal Insurance sold 38.28 million shares at N28.8 million, and Access Corporation recorded 36.81 million shares valued at N1 billion.