The Nigerian Exchange Limited (NGX) All-Share Index (ASI) recorded a 0.46 percent increase on Tuesday, signaling renewed investor interest in select equities. The market capitalization rose by N315 billion, closing at N68.357 trillion compared to the previous day’s N68.042 trillion. This upward movement brought the ASI to 108,762.6 points, marking the first positive close for the week and reflecting a year-to-date return of +5.67 percent.
The market rally was driven by bargain-hunting in fundamentally strong but previously undervalued stocks. Notable among the gainers were Oando Plc, Beta Glass, Chellaram, Transcorp, and Caverton. These companies saw significant price increases as investors sought to take advantage of attractive entry points, likely buoyed by improved earnings expectations and sector-specific developments.
Oando Plc led the top gainers list, climbing by 10 percent from N45 to N49.50. Chellaram followed closely, also gaining 10 percent to close at N11.44. Transcorp rose 9.99 percent, ending the day at N46.25. Beta Glass and Caverton rounded out the top five with respective increases of 9.96 percent and 9.85 percent, signaling strong demand for these equities.
Market activity remained robust with a total of 498.48 million shares traded across 14,916 deals, amounting to a turnover of N10.78 billion. Actively traded stocks during the session included Tantalizers, Access Holdings, GTCO, Fidelity Bank, and Nigerian Breweries. These high volumes reflect continued investor participation across diverse sectors of the market.
Tuesday’s positive momentum offers a strong signal of investor confidence returning to the market, possibly driven by expectations of macroeconomic stability and corporate performance. As the market enters midweek, traders and analysts will be watching closely to see if this rally can sustain, especially with the upcoming Monetary Policy Committee (MPC) meeting potentially influencing sentiment further.
Source: Business day