The Nigerian equities market extended its bullish momentum on Tuesday, buoyed by renewed buying interest in MTN Nigeria, United Bank for Africa (UBA), and several heavyweight stocks, as investors’ total portfolio value rose by ₦1.66 trillion.
Market activity data from the Nigerian Exchange (NGX) showed that the benchmark All-Share Index climbed by 1.59 per cent to close at 165,837.32 points, reflecting strong demand across telecoms, banking, and consumer-related counters.
As a result of the positive session, total market capitalisation expanded by ₦1.66 trillion to settle at ₦106.18 trillion. Analysts attributed the market’s strength to sustained optimism around large-cap stocks, particularly MTN Nigeria, which gained the maximum 10 per cent, UBA which advanced by 4.43 per cent, and Nigerian Breweries, which added 3.67 per cent.
Market breadth underscored the positive sentiment, closing firmly in bullish territory at 4.50 times, as 54 stocks recorded price appreciation compared to just 12 decliners during the trading session.
Leading the day’s gainers were Caverton Offshore Support Group, Deap Capital Management, MTN Nigeria, E-Tranzact International, and PZ Cussons Nigeria, all of which closed at the daily upper price limit of 10 per cent. On the downside, University Press, Prestige Assurance, and Regal Insurance topped the list of laggards after facing notable selling pressure.
Trading statistics presented a mixed picture. Total share volume dipped slightly by 1.58 per cent to 1.13 billion units, while the number of executed deals declined by 17.09 per cent to 49,216 transactions. In contrast, transaction value surged by 74.43 per cent to ₦33.55 billion, reflecting increased participation in high-value stocks.
In absolute terms, approximately 1.1 billion shares valued at ₦33.5 billion exchanged hands on the Exchange. Sovereign Trust Insurance led the volume table, accounting for 343.5 million shares, representing 30.4 per cent of total traded volume. MTN Nigeria dominated the value chart, contributing trades worth ₦10.8 billion, or 32.3 per cent of overall market turnover.
Sectoral performance closed broadly positive, with five out of six indices ending in the green. The Banking Index led the advance with a 1.33 per cent gain, driven largely by buying interest in UBA and other tier-one lenders. The Consumer Goods Index followed with a 0.74 per cent increase, supported by gains in Nigerian Breweries.
Other advancing indices included Oil and Gas, which rose by 0.39 per cent on the back of Oando’s 5.50 per cent jump; Industrial Goods, which edged up by 0.10 per cent following price appreciation in Lafarge Africa; and the Commodity Index, which inched higher by 0.01 per cent, supported by Multiverse Mining’s 9.83 per cent gain.
The Insurance Index was the sole decliner, slipping by 0.06 per cent as selloffs in Cornerstone Insurance weighed on the sector.
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