The Nigerian stock market maintained its upward trajectory on Tuesday, closing the trading session on a bullish note as renewed investor interest in select mid- and large-cap stocks drove significant gains. The positive market sentiment resulted in a notable increase in overall market value, reflecting growing confidence among investors despite some slowdown in trading activity.
Market Performance Overview
The benchmark All-Share Index (ASI) recorded a gain of 0.12%, closing at 165,713.82 points compared to the previous session's 165,517.56 points. This upward movement translated into a substantial increase in investors' wealth, with market capitalization rising by N125.65 billion to settle at N106.09 trillion. The market's performance demonstrates continued resilience and positive momentum in Nigeria's financial landscape.
Trading Activity and Market Sentiment
Market sentiment remained predominantly positive throughout the trading day, with 33 stocks advancing while 25 stocks declined. However, trading activity showed some moderation as total trading volume decreased by 19.70% to 483.09 million shares exchanged across 41,499 deals. The total value of these transactions amounted to N17.38 billion, indicating sustained investor participation despite the reduced volume.
Top Performing Stocks
The market's positive performance was led by several key gainers that recorded significant price increases:
- SCOA Nigeria Plc rose from N26.15 to N28.75, gaining N2.60 (+9.94%)
- Union Homes Real Estate Investment Trust PLC advanced from N78.45 to N86.25, up N7.80 (+9.94%)
- DEAP Capital Plc climbed from N7.85 to N8.63, adding N0.78 (+9.94%)
- Morison Industries Plc increased from N8.27 to N9.09, up N0.82 (+9.92%)
- RT Briscoe Plc gained from N6.57 to N7.22, rising by N0.65 (+9.89%)
Stocks Facing Declines
Despite the overall positive market sentiment, some stocks experienced downward pressure:
- Austin Laz & Company Plc fell from N4.82 to N4.34, shedding N0.48 (-9.96%)
- Neimeth International Pharmaceuticals Plc declined from N11.95 to N10.80, down N1.15 (-9.62%)
- Prestige Assurance Plc dropped from N1.90 to N1.76, losing N0.14 (-7.37%)
- Afriprudential Plc slipped from N15.80 to N14.70, down N1.10 (-6.96%)
- Veritas Kapital Assurance Plc fell from N2.04 to N1.90, shedding N0.14 (-6.86%)
Volume Leaders in Trading
The most actively traded stocks by volume during the session included:
- Access Holdings Plc with 26.46 million shares worth N599.77 million
- GTCO Plc exchanging 25.28 million shares valued at N2.49 billion
- NSLTech Plc recording 24.69 million shares worth N23.77 million
- Japaul Gold Plc trading 21.40 million shares valued at N54.22 million
- Tantalizers Plc seeing 20.28 million shares exchanged, worth N72.73 million
The Nigerian stock market's performance reflects ongoing investor confidence and strategic positioning in key sectors. The increase in market capitalization to N106.09 trillion represents a significant milestone for the Nigerian financial market, demonstrating its growing importance in the African economic landscape. Market analysts continue to monitor these developments closely as investors navigate the evolving investment opportunities within the Nigerian equities market.
