Investors in the Nigerian stock market had another profitable trading session on Tuesday as the market capitalization surged by N396 billion, continuing the recent bullish trend. The All-Share Index rose by 0.71% to close at 99,793.71 points, up from 99,088.32 points recorded previously, while the total market value climbed to N56.49 trillion from N56.09 trillion.
The positive performance was driven by strong demand for major stocks, including Dangote Cement, BUA Cement, and MTN Nigeria. Out of 129 traded equities, 36 recorded price gains while 34 declined. Dangote Sugar Refinery led the gainers with a 10% jump to close at N56.10 per share, followed by The Initiates Plc (9.97%), Sovereign Trust Insurance (9.84%), Nigerian Enamelware (9.83%), and UPL (9.82%). Cadbury also posted an impressive 8.90% gain to close at N68.55.
On the losing side, Ellah Lakes topped the decliners with a 10% drop to N9.90 per share, trailed by Legend Internet (10% decline), FTN Cocoa (9.91% loss), Meyer (9.79% dip), and Thomas Wyatt (9.73% fall).
Trading activity slowed compared to the previous session, with investors exchanging 408.62 million shares worth N7.83 billion in 8,256 deals—a 47.7% drop in volume from Friday’s 781.82 million units valued at N13.97 billion. Banking stocks remained active, with FBN Holdings, Access Holdings, and UBA emerging as the most traded by volume.
Sectoral performance was largely positive, with the Industrial Goods Index leading the charge, rising 2.87% week-on-week and 28.23% year-to-date. The Premium Board Index gained 0.61%, while the Consumer Goods Index added 0.5%. Other indices, including the Top 30 Index (0.46% up), Main Board Index (0.4% increase), and Insurance Index (0.25% rise), also contributed to the market’s upward movement.
The bullish trend follows a cautious start to the week, where the All-Share Index had inched up slightly by 0.18% on Monday. Analysts attribute the sustained rally to renewed investor confidence and strategic positioning in high-value stocks.
As the market maintains its positive momentum, stakeholders remain optimistic about further gains, though some advise caution given the mixed performances across sectors. The coming trading sessions will determine whether the bullish run will extend or face a correction.
