Nigerian Stock Market Gains ₦469bn on Strong Buying Interest

Nigerian Stock Market Gains ₦469bn on Strong Buying Interest
Market data from the NGX showed that total market capitalisation rose by ₦469 billion
A total of 758.9 million shares valued at ₦19.8 billion were exchanged in 54,212 transactions

The Nigerian Exchange Limited (NGX) closed trading on Tuesday on a bullish note, gaining ₦469 billion in market value, driven largely by strong investor interest in a handful of equities.

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Eko Hot Blog reports that Stocks such as Jaiz Bank, ABC Transport, Austinlaz, and Multiverse Mining were among the major drivers of the rally, helping to push the market into positive territory alongside gains recorded by over 60 other listed companies.

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Market data from the NGX showed that total market capitalisation rose by ₦469 billion, representing a 0.46 percent increase, to close at ₦102.275 trillion, up from ₦101.806 trillion recorded at the start of trading.

Similarly, the All-Share Index advanced by 0.46 percent, gaining 732.86 points to close at 159,951.08, compared to 159,218.22 recorded on Monday. The performance also improved the market’s year-to-date return.

Market breadth closed positive, with 65 stocks recording gains against 21 losers, reflecting widespread buying interest across sectors.

Meyer Plc and Jaiz Bank topped the gainers’ chart, appreciating by 10 percent each to close at ₦14.30 and ₦5.28 per share respectively. They were followed by ABC Transport, Austinlaz, and Multiverse Mining, which also posted strong gains.

Nigerian Stock Market Gains ₦469bn on Strong Buying Interest

On the losing side, Aluminium Extrusion Industries led the decliners with a 9.96 percent drop in share price. Other stocks that closed in negative territory included Learn Africa, Oando, United Bank for Africa, and Access Corporation.

Trading activity showed mixed results. While the number of deals declined by 4 percent, total trading volume increased by 9 percent, and transaction value rose by 7 percent.

A total of 758.9 million shares valued at ₦19.8 billion were exchanged in 54,212 transactions, compared to 695.6 million shares worth ₦18.6 billion traded in 56,632 deals during the previous session.

Linkage Assurance emerged as the most actively traded stock by volume, with 51.63 million shares exchanged, accounting for 6.80 percent of total volume traded. Guaranty Trust Holding Company led in terms of value, with trades worth ₦2.04 billion, representing 10.24 percent of the total value recorded for the day.