The Nigerian Exchange (NGX) extended its positive trajectory on Tuesday, with the All-Share Index (ASI) climbing by 54 basis points to close at a historic 202,559.57.
This upward momentum was largely propelled by intense bargain hunting in medium and large-cap stocks, particularly within the industrial and financial services sectors.
Equity market capitalization reflected this surge, gaining ₦696.31 billion to settle at a robust ₦130.03 trillion.
The day’s activity was characterized by high liquidity and investor confidence, as the total volume and value of trades saw dramatic increases of 84.75% and 79.15%, respectively, with investors transacting 1.75 billion units valued at over ₦88 billion across more than 62,000 deals.
The banking and industrial sectors served as the twin engines of the day’s growth, posting impressive gains of 4.30% and 4.44% respectively. BUA Cement emerged as a primary driver, leading the gainers’ chart with a maximum price appreciation of 10%.
High-volume trading was dominated by financial heavyweights, with FCMB accounting for nearly 30% of the total units traded, while Zenith Bank secured its position as the most traded stock by value, representing over 20% of the total market turnover.
Other top performers included Premium Paints, Zenith Bank, and NAHCO, contributing to a positive market breadth that saw 39 stocks appreciate against 33 decliners.
Despite the overall market rally, sectoral performance remained mixed as the consumer goods, insurance, and oil and gas sectors all faced marginal declines.
Profit-taking activities were evident in certain quarters, with Presco leading the laggards after a 10% price depreciation, followed by Caverton and NSL Tech.
However, the sustained rallies in tier-1 banks like GTCO, UBA, and FirstHoldco ensured that the market closed firmly in the green.
Stockbrokers noted that the continued dominance of the banking sector remains a key signal for investors, as the bourse maintains its resilience amidst evolving dollar liquidity dynamics and shifting macroeconomic indicators.