The Nigerian stock market continued its upward momentum on Tuesday, recording a gain of N137 billion as investors focused on select fundamentally strong stocks. Analysts say the movement reflects confidence in medium and large-cap companies, even as broader market sentiment remains mixed.
The All Share Index (ASI) rose by 214.80 points, or 0.13%, closing at 160,806.56 points. Market capitalisation mirrored the growth, increasing by N137 billion to settle at N102.822 trillion. Key contributors to the rise included Presco, Eunisell Interlinked, MeCure Industries, CAP, and Fidson Healthcare, which all recorded noticeable gains.
Neimeth International Pharmaceuticals led the gainers with a 10% jump to N7.70 per share, followed closely by May & Baker Nigeria at 9.85% (N26.20) and eTranzact International at 9.64% (N13.65). Multiverse Mining & Exploration and MeCure Industries also saw significant growth, closing at N21.30 and N74.95 per share, respectively, highlighting investors’ appetite for high-performing stocks.
Despite the overall gain, the market showed a bearish undertone as 41 stocks declined against 32 gainers. International Energy Insurance topped the losers’ list with a 9.90% drop to N2.73 per share, followed by ABC Transport (-9.88%, N4.47), Austin Laz & Company (-9.84%, N4.58), Conoil (-9.72%, N169.00), and Veritas Kapital Assurance (-9.69%, N1.77).
Total trading volume fell sharply by 54.64% to 645.063 million units, valued at N16.449 billion across 44,410 deals. Chams Holding Company led activity charts with 54.128 million shares, followed by Linkage Assurance (53.515 million shares) and Tantalizer (44.562 million shares). Secure Electronic Technology and Access Holdings also saw notable transactions, reflecting selective investor interest in high-liquidity stocks.
source: Leadership