The Nigerian Exchange (NGX) extended its winning streak on Tuesday, adding a remarkable N307 billion to investors’ wealth as renewed buying interest across key sectors pushed market capitalisation above the N159 trillion mark. The strong performance reflects growing confidence among investors who continue to position themselves in fundamentally sound companies despite pockets of profit-taking in selected stocks.
At the close of trading, the market capitalisation of listed equities climbed from N158.812 trillion to N159.119 trillion. The benchmark NGX All-Share Index also recorded a modest gain of 0.19 per cent, rising from 246,183.96 basis points to 246,659.56 basis points. The positive outing follows a strong start to the week and highlights the resilience of the local stock market amid evolving economic conditions.
Investor appetite was particularly evident in the real estate, hospitality, healthcare, and industrial sectors, where buying activity remained robust throughout the trading session. Market breadth also painted a positive picture, with 34 stocks advancing compared to 22 decliners, indicating widespread participation and broad-based demand across the exchange.
Leading the gainers’ chart were REIT and Thomas Wyatt Nigeria Plc, which both surged by 9.86 per cent to close at N11.70 and N3.72 respectively. Ikeja Hotel Plc followed closely with a 9.53 per cent gain, while The Initiates Plc and Neimeth International Pharmaceuticals Plc also posted impressive increases of 9.52 per cent and 9.47 per cent. On the flip side, FG142027S1 emerged as the biggest loser after shedding 9.98 per cent, while Mecure Industries Plc, HMCALL Plc, Consolidated Hallmark Holdings, and Trans-Nationwide Express Plc also recorded notable declines.
Despite mixed performances among some stocks, market sentiment remains largely positive. Analysts believe investors are likely to maintain a cautiously optimistic outlook in the coming days as they position ahead of expected corporate earnings releases and other market-moving disclosures. While occasional profit-taking could create short-term volatility, the continued focus on quality stocks is expected to support the market’s upward momentum.
source: Punch
