The Nigerian stock market recorded a significant rebound on Tuesday, gaining N379 billion in market capitalisation, thanks to heightened investor interest in key equities, especially Nigerian Aviation Handling Company (NAHCO) Plc. The All-Share Index rose by 0.50%, closing at 120,339.90 points, while the overall market capitalisation climbed to N76.180 trillion. This uptick signals a positive turn in investor sentiment amid ongoing economic challenges.
Gains were driven by price appreciations in large and medium capitalised stocks such as NAHCO, CAP Plc, Lafarge Africa, Honeywell Flour Mills, and Nigerian Breweries. A robust market breadth reflected this upbeat mood, with 61 stocks closing in the green against just 15 decliners. Top gainers included C&I Leasing, Cutix, Ellah Lakes, International Energy Insurance, Omatek Ventures, Secure Electronic Technology, Smart Products Nigeria, and Thomas Wyatt Nigeria, each appreciating by 10%.
Caverton Offshore Support Group posted a near-maximum daily gain of 9.98%, closing at N6.94 per share. FTN Cocoa Processors and Meyer also saw impressive jumps of 9.95% each. These gains reinforced the renewed confidence investors placed in the equities market, especially in mid-tier and growth-focused companies.
However, the market was not without its laggards. Deap Capital Management & Trust led the decliners with a 9.09% drop, followed by John Holt and Dangote Sugar Refinery, which lost 5.41% and 5.32% respectively. Other notable losers included Universal Insurance and Oando, which shed 4.76% and 4.73% respectively. These drops highlighted continued caution in certain sectors.
Trading activity also saw a dramatic boost, with total trade volume soaring by 99.1% to 1.047 billion units valued at N12.174 billion across 21,964 deals. Royal Exchange led the volume chart, followed by Japaul Gold & Ventures and Ellah Lakes. Wema Bank and Chams Holding Company also featured prominently in trading value, indicating a diversified investor appetite across financial services, agriculture, and energy sectors.
Source: Leadership