Nigerian investors recorded a N3.45 trillion gain on Tuesday as the equities market sustained its bullish momentum, driven by renewed appetite for large- and mid-cap stocks.
Market capitalisation rose by 2.27 per cent to close at N155.585 trillion, up from N152.135 trillion at the previous session. The All-Share Index advanced by 5,376.70 points, or 2.27 per cent, to settle at 242,459.98, compared with 237,083.28. The year-to-date return subsequently strengthened to 55.81 per cent, with market breadth closing positive at 33 gainers against 23 losers.
Airtel Africa, Fidelity Bank Lead Gainers
Airtel Africa and Trans-Nationwide Express topped the gainers’ chart, appreciating by 10 per cent each to close at N5,801.40 and N2.97 per share, respectively. Fidelity Bank gained 9.97 per cent to settle at N19.85, while Thomas Wyatt rose by 9.89 per cent to finish at N3. Zichis Agro Allied Industry soared by 9.69 per cent, closing at N29.20 per share.
Conversely, Halldane McCall led the decliners, losing 9.95 per cent to close at N3.53. Mc Nichols fell by 8.89 per cent to settle at N6.15, while Computer Warehouse Group dropped 5.65 per cent to end the session at N40.05 per share. VFD Group declined by 5.24 per cent to close at N19, and NPF Microfinance Bank shed 5.19 per cent to settle at N10.05 per share.
Trading Activity Improves
Market activity recorded significant improvement, with investors exchanging 518.43 million shares valued at N22.75 billion in 48,495 deals, representing a 5.06 per cent increase in trading volume.
Lasaco Assurance emerged as the most actively traded stock by volume, with 56.60 million shares exchanged, accounting for 10.92 per cent of total volume. Aradel led the value chart, with transactions worth N4.20 billion, representing 18.49 per cent of total value traded.
Analyst Says Market Has Bottomed Out
David Adonri, Vice-President of Highcap Securities, attributed the market’s positive performance to the return of bullish momentum, suggesting that the recent rally indicates the market has found its floor.
“The upward momentum has returned to the market. The market appears to have bottomed out. I think the change in direction started last Friday, and it has continued,” Adonri said.
He noted that while the recovery is expected to be gradual, it is likely to remain steady, reinforcing the view that the market has established a sustainable base. “The recovery is going to be slow, but it may be steady. It won’t be a rapid rise, but a gradual and sustained recovery,” he added.