Nigerian Stock Market Gains ₦254bn as Bullish Run Continues

The Nigerian stock market extended its bullish momentum on Tuesday, adding ₦254 billion to investors’ wealth amid renewed bargain hunting.

The upward trend was fueled by increased demand in equities such as Regency Alliance Insurance, Mecure, Etranzact, Daar Communications, Deap Capital, and 31 other gainers.

Data from the Nigerian Exchange Ltd. (NGX) showed that the market capitalization, which opened at ₦88.199 trillion, rose by ₦254 billion or 0.29 percent to close at ₦88.453 trillion.

Similarly, the All-Share Index (ASI) gained 401.36 points or 0.29 percent to settle at 139,796.11, up from 139,394.75 recorded on Monday.

Market breadth closed positive, with 36 gainers outweighing 19 losers.

Regency Alliance Insurance topped the gainers’ chart with a 10 percent rise to close at ₦1.43. Mecure followed with a 9.92 percent increase to ₦21.60 per share. Etranzact gained 9.73 percent to ₦12.40, Daar Communications advanced 9.57 percent to ₦1.03, while Deap Capital rose 9.52 percent to ₦1.84.

On the losers’ side, Unilever Nigeria led with a 9.79 percent decline to ₦63.15. FTN Cocoa Processors fell 9.40 percent to ₦5.40, Ellah Lakes shed 8.76 percent to ₦13.02, Linkage Assurance dipped 6.85 percent to ₦2.04, while Berger Paints lost 6.33 percent to ₦35.50.

Trading activity, however, declined as investors exchanged 659.2 million shares worth ₦12.5 billion in 25,334 deals, compared to Monday’s 947.9 million shares valued at ₦17.9 billion across 36,036 deals.

FCMB Group emerged the most traded stock with 202.5 million shares worth ₦2.1 billion. Universal Insurance followed with 63.1 million shares valued at ₦79.4 million, while FirstHoldCo transacted 44.2 million shares worth ₦1.34 billion.

Regency Alliance Insurance recorded 30.9 million shares worth ₦43.8 million, while Access Corporation traded 26.12 million shares valued at ₦676.42 million.