Investors in Nigeria’s equity market enjoyed substantial returns as the market witnessed a robust performance, gaining over N34 billion in value at the close of the trading session on the Nigerian Exchange Limited (NGX) on Tuesday. This marked a notable improvement from the previous day’s gains, which amounted to about N9 billion.
Both the All-Share Index, a key indicator of stock movements, and the market capitalization experienced a positive uptick, rising by 0.09% to close at 72,470.1 basis points and N39.656 trillion, respectively.
Major contributors to this upward trend were stocks from prominent institutions such as United Bank for Africa, Zenith Bank Plc, Access Holdings Plc, Guaranty Trust Holding Company Plc, and FBN Holdings.
The total transaction volume increased to 411.21 million units from the previous day’s 324.25 million, with trades valued at N6.94 billion from 6,870 deals. The number of stocks traded at the end of the trading session reached 121.
Top gainers on the chart included Infinity Trust Mortgage Bank and Caverton Offshore Support Plc, both appreciating by 10% to close at N3.41 and N1.76 per share, respectively. Northern Nigerian Flour Mills recorded a gain of 9.42%, closing at N42.20, RT Briscoe gained 9.09%, closing at N0.60, and The Initiates Plc, experiencing increased activities in its shares, gained 8.26%, closing at N1.18.
On the downside, Omatek lost 10% to close at N0.63 per unit, Prestige Assurance Plc lost 9.62%, ETranZact lost 9.60%, Stanbic Holdings’ shares dipped by 9.08%, closing at N59.10, and real estate firm UPDC lost 9.02%, closing at N1.21 per unit.
The most active stock of the day was UPDCREIT, with 42,029,284 units worth N187.03 million exchanged in 50 trades. UBA had 34,658,943 units traded at N848.47 million across 491 exchanges, while VeritasKap recorded 27,706,519 units valued at N9.864 million in 29 deals. AccessCorp had 27,567,821 units worth N611.80 million, exchanged in 365 deals, and 25,593,880 units of FCMB shares worth N183.17 million were traded in 147 deals.
