The Nigerian stock market sustained its bullish momentum on Tuesday, with investors’ wealth rising by N254 billion following renewed bargain hunting across several equities.
The rally was powered by strong demand in Regency Alliance Insurance, Mecure, Etranzact, Daar Communications, Deap Capital, and 31 other stocks.
Data from the Nigerian Exchange Ltd. (NGX) showed that market capitalisation, which opened at N88.199 trillion, climbed by 0.29 per cent (N254 billion) to close at N88.453 trillion.
Similarly, the All-Share Index gained 401.36 points or 0.29 per cent, ending the session at 139,796.11, up from 139,394.75 recorded on Monday.
Market breadth closed positive, with 36 gainers outpacing 19 losers.
On the gainers’ chart, Regency Alliance Insurance led with a 10 per cent rise to close at N1.43, followed by Mecure, which gained 9.92 per cent to N21.60 per share. Etranzact appreciated by 9.73 per cent to N12.40, while Daar Communications advanced 9.57 per cent to N1.03. Deap Capital also rose by 9.52 per cent, closing at N1.84.
On the flip side, Unilever Nigeria topped the losers’ list with a 9.79 per cent decline to N63.15 per share. FTN Cocoa Processors shed 9.40 per cent to N5.40, while Ellah Lakes dropped 8.76 per cent to N13.02. Linkage Assurance fell 6.85 per cent to N2.04, and Berger Paints declined 6.33 per cent to N35.50.
Despite the rally, trading activity weakened. Investors exchanged 659.2 million shares worth N12.5 billion in 25,334 deals, lower than Monday’s 947.9 million shares valued at N17.9 billion across 36,036 transactions.
In terms of volume, FCMB Group led the activity chart with 202.5 million shares worth N2.1 billion, followed by Universal Insurance with 63.1 million shares valued at N79.4 million. FirstHoldCo traded 44.2 million shares worth N1.34 billion, while Regency Alliance Insurance accounted for 30.9 million shares valued at N43.8 million. Access Corporation also recorded activity with 26.12 million shares worth N676.42 million.
ADEOLA KUNLE
