Nigerian investors recorded a significant gain of N259 billion on Tuesday as the Nigerian Exchange Limited (NGX) continued its upward trend, extending the positive momentum in the market.

Market capitalization rose by 0.37 percent to close at N70.894 trillion, up from N70.635 trillion recorded on Monday. Correspondingly, the All-Share Index (ASI) increased by 411.52 points, representing a 0.37 percent gain, to settle at 112,427.48.

Market Performance Drivers

The market's positive performance was primarily driven by strong buying interest in medium and large-capitalized stocks. Notable performers included Honeywell Flour Mill, SCOA Nigeria, SFS Real Estate Investment Trust, and Industrial & Medical Gases, alongside 32 other stocks that recorded gains.

Market breadth closed positive with 36 gainers outpacing 32 losers. Leading the gainers' table, Honeywell Flour Mill and SCOA Nigeria both surged by 10 percent, closing at N22.00 and N5.39 per share respectively. SFS Real Estate Investment Trust also climbed by 10 percent to settle at N226.60, while Industrial & Medical Gases rose by 9.96 percent to N37.00 per share. International Energy Insurance completed the top performers with a 9.82 percent increase, closing at N1.79 per share.

Market Decliners

On the flip side, Conoil led the losers with a 10 percent drop, settling at N268.30. Learn Africa fell by 9.98 percent to close at N3.88 per share, while Transcorp Hotels declined by 9.97 percent to N132.80. Julius Berger shed 9.94 percent to finish at N120.50 per share, and Chellaram dipped by 9.92 percent to N9.53 per share.

Trading Activity

Analysis of market activities showed robust trading volume with 622.64 million shares worth N16.12 billion exchanged across 17,044 transactions. Fidelity Bank dominated the activity chart with 108.17 million shares valued at N2.05 billion changing hands.

Legend Internet Plc followed with 60.95 million shares worth N344.36 million, while United Bank for Africa (UBA) recorded 55.74 million shares valued at N1.93 billion. Guaranty Trust Holding Company and Access Corporation rounded out the top five most active stocks with 41.23 million shares worth N2.80 billion and 34.51 million shares valued at N754.43 million, respectively.

The continued uptrend signals growing investor confidence in the Nigerian equity market, with positive sentiment likely to persist if the current macroeconomic conditions remain favorable.