Lagos: The Nigerian stock market stayed firmly in bullish territory on Tuesday, handing investors a windfall of N3.45 trillion as appetite for large and mid-cap stocks drove a fresh surge.
Market capitalisation rose by 2.27 per cent, climbing from N152.14 trillion to N155.59 trillion. The All-Share Index also advanced by 5,376.70 points to close at 242,459.98, compared with 237,083.28 recorded previously.
With the rally, year-to-date returns strengthened to 55.81 per cent. Market breadth was positive, with 33 stocks posting gains against 23 decliners.
Airtel Africa and Trans-Nationwide Express led the charge, each rising 10 per cent to settle at N5,801.40 and N2.97 per share, respectively.
Fidelity Bank followed with a 9.97 per cent jump to N19.85. Thomas Wyatt gained 9.89 per cent to finish at N3, while Zichis Agro Allied Industry advanced 9.69 per cent to N29.20.
On the downside, Halldane McCall shed 9.95 per cent to close at N3.53. McNichols fell 8.89 per cent to N6.15, Computer Warehouse Group dropped 5.65 per cent to N40.05, VFD Group dipped 5.24 per cent to N19, and NPF Microfinance Bank lost 5.19 per cent to N10.05.
Trading activity was brisk, with investors exchanging 518.43 million shares worth N22.75 billion in 48,495 deals. Lasaco Assurance was the most traded by volume, accounting for 56.60 million shares or 10.92 per cent of total turnover.
Aradel topped the value chart with transactions worth N4.20 billion, representing 18.49 per cent of total value traded.
Speaking at the rally, David Adonri, Vice President of Highcap Securities Ltd., said the market’s rebound reflects a return of bullish momentum.
“The upward momentum has returned. The market appears to have bottomed out. I think the change in direction started last Friday and has continued,” he explained.
Adonri added that while the recovery may not be explosive, it is likely to be steady.
“The recovery is going to be slow, but it may be sustained. It won’t be a rapid rise, but a gradual and steady climb,” he said.
