The Nigerian stock market continued its upward momentum on Tuesday, with a significant gain of N1.045 trillion. The market capitalization increased by 1.56%, reaching N68.105 trillion, compared to N67.060 trillion the previous day. Similarly, the All-Share Index (ASI) rose by 1,662.60 points, or 1.56%, closing at 108,361.10, up from 106,698.50 on Monday.
This positive trend was fueled by strong buying activity in major stocks, including Access Corporation, Guaranty Trust Holding Company, and United Bank for Africa. The market showed a positive breadth with 42 stocks advancing and 25 declining. Notably, Ecobank Transnational Corporation and Northern Nigeria Flour Mills both saw a 10% increase, closing at N25.85 and N82.50 per share, respectively. Nestlé Nigeria also climbed by 10%, closing at N1,210, while Beta Glass gained nearly 10%, reaching N132.80 per share. Austinlaz saw a rise of 9.94%, closing at N1.88.
On the other hand, Guinea Insurance was among the top losers, dropping by 8.7% to 63k. DAAR Communications fell by 6.78%, closing at 55k per share, while VFD Group and WAPIC Insurance saw decreases of 6.59% and 6.07%, respectively. Regalins also dropped by 4.69%, ending at 61k per share.
A total of 475.46 million shares worth N13.899 billion changed hands across 17,575 transactions. This was lower than the previous day’s volume of 569.041 million shares worth N18.934 billion. Leading the trading activity were Access Corporation, with 103.92 million shares worth N2.2 billion, followed by Guaranty Trust Holding Company and United Bank for Africa with N2.422 billion and N1.04 billion in transactions, respectively.
