After two consecutive days of losses, the Nigerian stock market staged a strong comeback on Tuesday, delivering a significant boost to investor confidence as market capitalisation increased by N719bn. The positive performance saw the Nigerian Exchange close higher, with investors returning to the market amid renewed interest in several blue-chip and medium-cap stocks.
The benchmark All-Share Index rose by 1,121.33 points, representing a 0.46 per cent increase to settle at 242,870.44 points. As a result, the total market capitalisation climbed to N155.85tn. Market analysts attributed the rebound to strong buying interest in major stocks such as Transcorp Hotels, MTN Nigeria Communications, First HoldCo, Stanbic IBTC Holdings, and Zenith Bank, all of which recorded notable gains during the trading session.
Investor sentiment remained largely positive, with 24 stocks posting gains compared to 22 decliners. Learn Africa emerged as the day’s top performer, gaining 10 per cent to close at N9.90 per share. First HoldCo followed closely with a 9.98 per cent appreciation to N72.15, while Thomas Wyatt Nigeria advanced by 9.80 per cent to close at N2.69. Other notable gainers included R.T. Briscoe and Transcorp Hotels, which recorded impressive increases of 8.68 per cent and 8.37 per cent respectively.
Despite the overall market rally, some stocks ended the session in negative territory. International Energy Insurance led the losers’ chart after shedding 9.86 per cent to close at N4.66 per share. Legend Internet declined by 9.18 per cent, while Fortis Global Insurance dropped 7.67 per cent. FTN Cocoa Processors and International Breweries also recorded losses as investors took profit in selected counters.
Trading activity was notably stronger, with total volume traded rising by 21.25 per cent to 634.78 million shares valued at N53.34bn across 42,494 deals. First HoldCo dominated market activity, accounting for 326.92 million shares worth N22.33bn. Guaranty Trust Holding Company, Access Holdings, FCMB Group, and Zenith Bank also featured prominently among the most actively traded stocks. The strong trading volume and broad market participation suggest growing investor confidence as market players continue to position themselves for emerging opportunities on the Nigerian Exchange.
source: punch
