The Nigerian stock market witnessed a sharp rebound on Tuesday as investors pocketed an impressive N186 billion gain, fueled by bullish performances from major players such as Oando Plc, Transcorp Plc, and Nigerian Breweries Plc. The Nigerian Exchange (NGX) recovered from Monday’s downturn, with improved investor confidence and trading activity lifting key performance indicators.
The surge in market capitalization stemmed largely from strategic buying in undervalued medium- and large-cap stocks, particularly within the consumer goods sector. Bargain hunters drove the momentum as equity prices rose.
Leading the gainers’ chart were OANDO, TRANSCORP, and NB, all of which saw strong rallies that significantly impacted market performance. The NGX All-Share Index climbed by 295.57 points to settle at 108,763.55.
Despite the uptick in value, trading activity declined, with total volume and value plummeting by 67.27% and 74.18% respectively, according to reports from market dealers.
A report by Atlass Portfolios Limited noted that a total of 134.17 million shares worth N2.74 billion were traded in 6,800 transactions. TANTALIZER led the chart by volume, accounting for 11.65% of shares exchanged, trailed by ACCESSCORP (7.42%), GTCO (6.42%), FIDELITYBK (4.72%), and NB (4.24%).
On the value front, GTCO topped the chart, contributing 20.37% of the total traded value.
OANDO and CHELLARAM emerged as the day’s biggest advancers, each gaining 10.00%. Other notable gainers included TRANSCORP (+9.99%), BETAGLAS (+9.96%), CAVERTON (+9.85%), MEYER (+9.66%), FTNCOCOA (+9.62%), and 32 additional stocks.
On the flip side, 24 stocks saw declines. HMCALL posted the steepest drop at -9.85%, followed by ACADEMY (-7.33%), ABCTRANS (-6.13%), UNIONDICON (-2.61%), ZENITHBANK (-1.64%), and JAPAULGOLD (-1.48%).
Market breadth closed on a positive note, recording 39 advancing stocks against 24 decliners. Sectoral indices also trended mostly higher, with consumer goods rising by 1.70%, insurance gaining 0.88%, and banking inching up by 0.20%. However, the industrial sector slipped by 0.60% and oil & gas edged down by 0.18%.
By the end of the session, the NGX’s total market capitalization grew by N185.75 billion, or 0.27%, closing at N68.36 trillion.
