Equities recoup losses as market capitalization surpasses N129trn

The Nigerian stock market closed Tuesday’s trading recovering a portion of its previous losses as targeted buying interest in heavy-weight tickers bolstered the benchmark indices.

The All-Share Index appreciated by 0.40% to settle at 201,287.78 points, a notable climb from the 200,484.43 points recorded during the previous session.

This upward movement pushed the year-to-date return to 29.35%, while the total market capitalization saw a significant boost of N515.68 billion to close at N129.21 trillion.

The day’s gains were largely underpinned by a strong performance from MTN Nigeria, which rose by 5.85%, alongside industrial and consumer goods players such as PZ Cussons, Cadbury, and Nigerian Breweries.

Notably, PZ Cussons reached a milestone by trading above its 52-week high at N82.00 per share. Other stocks contributing to the rally included Eterna, NAHCO, WAPCO, and Oando.

Despite the positive movement in the headline index, the broader market sentiment remained cautious, with 50 stocks declining against only 20 gainers. Multiverse emerged as the day’s top gainer, while NPF Microfinance Bank led the laggards.

In terms of trading activity, market participation saw a substantial surge as total volume traded jumped by nearly 50% to 887.68 million units. The total value of these transactions was pegged at N35.56 billion, executed across 53,436 deals.

Wema Bank dominated the volume charts, accounting for approximately 20.74% of the day’s total turnover, while MTN Nigeria maintained its position as the value leader, contributing over 25% of the total market value at N9.08 billion. VFD Group, NSLTECH, and GTCO also featured prominently among the most actively traded stocks.

While the primary exchange indices trended upward, the Proshare Memorandum Index diverged with a bearish close. The price-weighted return fell by 0.48% to 1,226.39 points, and the float-adjusted return saw a sharper decline of 1.57% to settle at 858.31 points.

This mixed performance suggests that while institutional investors are cherry-picking high-cap stocks to drive index growth, the wider market continues to navigate volatility amidst broader economic monitoring.