Stock Market Gains N88bn as Select Stocks Drive Marginal Upswing

By Taiye Olayemi

The Nigerian equities market extended its positive run on Tuesday, posting modest gains as renewed investor interest in select stocks lifted key performance indicators.

Market capitalisation increased by N88 billion, representing a 0.06 per cent rise to close at N140.523 trillion, up from N140.435 trillion recorded on Monday.

Similarly, the All-Share Index advanced by 135.97 points, or 0.06 per cent, to settle at 218,249.81, compared with 218,113.84 in the previous session.

The marginal uptick was driven by buying interest in stocks such as National Salt Company, Union Dicon Salt, WAPCO, Trans-Nationwide Express and UAC of Nigeria.

Consequently, the market’s Year-to-Date (YTD) return edged higher to 40.25 per cent, reflecting sustained investor confidence despite mixed trading signals.

However, market breadth closed negative, with 44 decliners against 25 gainers, indicating cautious sentiment among investors.

On the losers’ table, Legend Internet recorded the steepest decline, dropping 9.92 per cent to close at N5.63. Abbey Mortgage Bank followed with a 9.59 per cent loss to N6.60, while Stanbic IBTC shed 8.96 per cent to N154.50.

Access Corporation also declined by 8.83 per cent to close at N29.95, while Veritas Kapital lost 7.50 per cent to settle at N1.85 per share.

On the gainers’ side, National Salt Company led the chart with a 10 per cent appreciation to N171.60. Union Dicon Salt rose by 9.92 per cent to N19.95, while WAPCO gained 9.64 per cent to close at N273 per share.

Trans-Nationwide Express advanced by 8.27 per cent to N7.20, while UAC of Nigeria climbed 7.84 per cent to N110 per share.

Trading activity, however, declined at the close of the session. Total volume fell by 14.38 per cent to 842.48 million shares valued at N44.86 billion, exchanged in 61,617 deals.

Access Corporation emerged as the most traded stock by volume, accounting for 110.81 million shares, representing 13.15 per cent of total turnover.

Meanwhile, MTN Nigeria led the value chart with transactions worth N6.55 billion, accounting for 14.60 per cent of total market value traded.