Nigerian stock market extends rally as investors gain N1.64tn

The Nigerian stock market on Tuesday, maintained its upward momentum, with investors gaining N1.639 trillion as bullish sentiment continued to dominate trading activities.

Data from the Nigerian Exchange Limited, NGX, showed that market capitalisation increased by 1.06 per cent to close at N154.484 trillion, compared to N152.845 trillion recorded in the previous trading session.

Likewise, the All-Share Index, ASI advanced by 2,524.00 points, representing a 1.06 per cent increase, to settle at 240,743.19 from 238,219.19 posted on Monday.

As a result, the market’s Year-to-Date, YTD return improved to 54.71 per cent, while market breadth closed positive with 33 gainers and 23 losers.

On the gainers’ table, Airtel Africa and Guinea Insurance led the pack with a 10 per cent appreciation each, closing at N4,358.80 and N1.10 per share, respectively.

Conversely, Red Star Express topped the losers’ chart after shedding 9.96 per cent to close at N24.86, while Premier Paints declined by 9.93 per cent to settle at N30.40 per share.

Further analysis indicated that investors traded a total of 564.9 million shares valued at N39.35 billion in 49,230 deals. This compares with 475.82 million shares worth N36.49 billion exchanged in 63,567 transactions during Monday’s session.

Fidelity Bank emerged as the most actively traded stock by volume, with 59.37 million shares changing hands, accounting for 10.51 per cent of the total volume traded.

Meanwhile, MTN Nigeria dominated the market by value, recording transactions worth N8.02 billion, which represented 20.40 per cent of the day’s total traded value.