Nigerian Stock Market Extends Rally as Investors Gain N126bn on Renewed Buying Spree

|By Babatunji Wusu

The Nigerian stock market sustained its upward trajectory on Tuesday, lifting investors’ wealth by N126 billion as renewed buying interest pushed key indices higher.

Data from the Nigerian Exchange (NGX) showed that market capitalization climbed by 0.12 percent to N106.088 trillion, up from N105.962 trillion recorded in the previous trading session.

Similarly, the All-Share Index (ASI) advanced by 196.26 points, or 0.12 percent, to close at 165,713.82, compared with 165,517.56 previously. The rally was fueled by strong demand for medium- and large-cap stocks, including Union Homes Real Estate Investment Trust, SCOA, Deap Capital Management, Morison, and RT Briscoe.

Market sentiment closed positive, as 33 stocks posted gains against 26 decliners.

Union Homes Real Estate Investment, SCOA, and Deap Capital Management led the gainers’ table, each appreciating by 9.94 percent to close at N86.25, N28.75, and N8.63 per share, respectively.

On the flip side, Austinlaz topped the losers’ chart after plunging by 9.96 percent to close at N4.34 per share. Other notable decliners included Neimeth International Pharmaceutical, Prestige Assurance, Africa Prudential, and Veritas Kapital.

Trading activities delivered mixed signals, with total volume traded falling by 20 percent and the number of deals declining by 29 percent, while transaction value edged up by 0.43 percent.

At the close of trading, investors exchanged 483.09 million shares valued at N17.4 billion in 41,499 deals, compared with 601.6 million shares worth N17.3 billion traded in 58,429 transactions in the previous session.

Access Corporation emerged as the most active stock by volume, with 26.46 million shares changing hands, accounting for 5.48 percent of total market volume.

Meanwhile, Guaranty Trust Holding Company (GTCO) dominated trading by value for the second consecutive session, recording transactions worth N2.49 billion, which represented 14.33 percent of the day’s total turnover.