The Nigerian stock market witnessed a strong rebound on Tuesday as gains in Dangote Cement and 34 other stocks pushed the overall market capitalisation higher by ₦260 billion, showing renewed investor confidence.
At the close of trading on the Nigerian Exchange Limited (NGX), the All-Share Index (ASI) appreciated by 411.52 points, representing a 0.37 per cent gain to settle at 112,427.48 points, up from the previous session. The market capitalisation also climbed, closing at ₦70.895 trillion, driven largely by buy-interest in large and medium capitalised equities.
Leading the rally was Dangote Cement, alongside Guinness Nigeria, Industrial & Medical Gases Nigeria, Stanbic IBTC Holdings, and FBN Holdings (First Holdco), all of which recorded strong gains during the session.
According to analysts at Afrinvest Limited, the bullish trend is expected to continue in the short term, driven by fresh investor appetite for quality stocks. “We expect a sustained bullish performance on the bourse, buoyed by renewed investor appetite,” Afrinvest stated in a post-trading analysis.
Similarly, Vetiva Dealings and Brokerage predicted a quieter trading session ahead but added that dividend-seeking investors could spark renewed interest in stocks due for qualification.
“Tomorrow’s trading may feel a bit subdued as investors reposition into names gearing up for dividend qualification. We may see pockets of buying around those stocks, which should give prices a lift,” Vetiva noted.
Market breadth closed positive, with 35 gainers surpassing 32 losers, reflecting a broad-based bullish sentiment across key sectors.
Top Gainers
Honeywell Flour Mills and SCOA Nigeria led the chart with a 10 per cent gain each, closing at ₦22 and ₦5.39 respectively.
Industrial & Medical Gases Nigeria followed closely with a 9.96 per cent rise to ₦37.
International Energy Insurance increased by 9.82 per cent, ending at ₦1.79.
May & Baker Nigeria rose by 9.75 per cent to close at ₦12.95.
Top Losers
On the flip side, Conoil topped the losers’ table with a 10 per cent decline, closing at ₦268.30.
Learn Africa fell by 9.98 per cent to ₦3.88,
Transcorp Hotels lost 9.97 per cent, settling at ₦132.80.
Julius Berger Nigeria Plc dipped 9.94 per cent to ₦120.50.
Chellaram Plc also declined by 9.92 per cent to close at ₦9.53.
Market Activity
Market activity was also upbeat, as the total volume of trades rose by 21.84 per cent to 622.635 million units, valued at ₦16.124 billion, across 17,044 deals.
Top Traded Stocks
Fidelity Bank Plc led the activity chart with 108.172 million shares worth ₦2.055 billion.
Legend Internet followed, trading 60.953 million shares valued at ₦344.360 million.
United Bank for Africa (UBA) recorded 55.738 million shares worth ₦1.926 billion.
GTCO moved 41.225 million shares, valued at ₦2.804 billion.
Access Holdings traded 34.515 million shares worth ₦754.432 million.
As the trading week progresses, all eyes will be on dividend announcements, macroeconomic updates, and institutional flows, which analysts say will determine the next direction of the market.
