Stock Market Rebounds with N260bn Boost as Demand for Dangote Cement, Others Rises

The Nigerian stock market saw a notable rebound on Tuesday, ending the previous session’s profit-taking trend. Investor interest in blue-chip stocks such as Dangote Cement and 34 other listed equities led to a surge in the market’s value. The Nigerian Exchange All-Share Index (NGX ASI) rose by 411.52 points, or 0.37%, to close at 112,427.48, while market capitalisation increased by N260 billion to settle at N70.895 trillion.

Market breadth showed strong positive momentum, with 35 stocks recording gains against 32 losers, signaling a broad-based bullish sentiment. Top gainers included Honeywell Flour Mills and SCOA Nigeria, both appreciating by 10% each, followed by Industrial & Medical Gases Nigeria with a 9.96% increase. Other notable performers were International Energy Insurance and May & Baker Nigeria, which advanced by 9.82% and 9.75%, respectively.

However, the session was not without losers. Conoil led the laggards, shedding 10% to close at N268.30 per share. It was closely followed by Learn Africa, Transcorp Hotels, Julius Berger, and Chellaram, all of which lost nearly 10% in value, indicating mixed sentiment in certain sectors despite the market’s overall uptrend.

Trading activity also saw a significant rise, with the volume of traded shares climbing by 21.84% to 622.635 million units, valued at N16.124 billion. Fidelity Bank led the trading chart with 108.172 million shares exchanged, followed by Legend Internet and UBA. GTCO and Access Holdings also recorded high transaction volumes and values, reflecting strong investor participation in the banking and fintech sectors.

Looking ahead, analysts at Afrinvest Limited expressed optimism about the market’s trajectory, anticipating continued bullish performance. They attributed this to renewed investor confidence and appetite, suggesting that the positive momentum may be sustained in the near term if the current demand trend continues.

Source: This day