Nigerian investors recorded significant gains on Tuesday as the Nigerian Exchange Limited (NGX) rebounded from a two-day bearish run, with market capitalization increasing by N315 billion.
The NGX market capitalization rose by 0.46 percent to close at N68.357 trillion, up from Monday's N68.042 trillion. Similarly, the All-Share Index (ASI) gained 501.14 points or 0.46 percent to close at 108,762.61, compared to the previous session's 108,261.47.
Market analysts attribute the uptrend to renewed bargain-hunting activities in select stocks, with the market breadth closing positive as 41 stocks gained against 24 losers.
Top Gainers and Losers
Leading the gainers' chart was Chellaram, which rose by 10 percent to close at N11.44 per share. Oando Plc also appreciated by 10 percent, settling at N49.50 per share. Other significant gainers included Transcorp with a 9.99 percent increase to N46.25, Beta Glass with 9.96 percent growth to N194.30, and Caverton Offshore Support Group, which rose by 9.85 percent to N3.68 per share.
On the flip side, Haldane McCall Plc led the decliners with a 9.85 percent drop to N4.21, followed by Academy, which fell by 7.33 percent to close at N4.30 per share. UPDC Real Estate Investment decreased by 6.25 percent to N3.00, ABC Transport shed 6.13 percent to close at N2.91, while NPF Microfinance Bank lost 5.14 percent to finish at N2.03 per share.
Trading Volume and Activity
Trading activity showed improvement as investors exchanged 498.48 million shares worth N10.781 billion across 14,916 transactions, compared to the previous day's 414.57 million shares valued at N10.72 billion in 16,664 deals.
Tantalizer dominated the activity chart with 57.80 million shares valued at N131.32 million. Access Corporation followed with 36.79 million shares worth N784.43 million, while Guaranty Trust Holding Company traded 31.84 million shares valued at N2.19 billion. Fidelity Bank and Nigerian Breweries rounded out the top five active stocks with 23.39 million shares worth N470.49 million and 26.032 million shares valued at N1.08 billion, respectively.
The positive performance signals renewed investor confidence in the Nigerian equities market after recent bearish sessions, with analysts suggesting that selective buying in fundamentally strong stocks contributed to the market rebound.
