The Nigerian stock market maintained its upward trajectory on Tuesday, building on the week’s opening gains as strong investor appetite for banking and industrial heavyweights propelled the benchmark All-Share Index (ASI) upward by 0.31%.
By the close of the session, the ASI rose to 165,901.57 points, a significant leap from the 165,384.63 points recorded on Monday.
This bullish run added approximately ₦332.49 billion to investors’ portfolios, bringing the total market capitalization to a staggering ₦106.49 trillion.
Market sentiment was decidedly positive, with 35 stocks advancing against 33 decliners. The day’s performance was largely underpinned by gains in high-cap stocks and blue-chip firms. IMG led the gainers with a maximum daily rise of 10.00%, closely followed by NGXGROUP and FIRSTHOLDCO, which surged by 8.88% and 8.04% respectively.
Other major contributors to the day’s green close included Wema Bank, Zenith Bank, and Dangote Cement, all of which saw sustained buying interest.
In a notable display of momentum, several stocks including RT Briscoe, Morison, and Abbey Mortgage Bank reached new 52-week highs, signaling robust confidence in their mid-to-long-term prospects.
The banking sector dominated the activity chart, with GTCO emerging as the most liquid stock of the day. The financial giant alone accounted for 26.47% of the total market value, trading 65.90 million units worth ₦6.53 billion.
While the total volume of shares traded dipped slightly by 3.45% to 736.44 million units, the total value remained substantial at ₦24.66 billion, processed across over 46,000 deals.
Zenith Bank and Custodian also featured prominently in the value contribution, reflecting a strategic rotation of funds back into liquid financial tickers.
Further reinforcing the bullish outlook, the Proshare memorandum index closed on a high note, with its price-weighted return increasing by 0.63% to 1,008.64 points.
The float-adjusted return saw an even sharper rise of 1.24%, indicating that the price movement was well-supported by actual market liquidity.
As the market capitalization hovers near historic highs, analysts suggest that the current interest in undervalued banking stocks and industrial giants could sustain the rally through the mid-week sessions.