The Nigerian equities market extended its bullish momentum, gaining N259 billion as mid- and large-cap stocks rallied, pushing the market capitalisation to N70.894 trillion

The Nigerian equities market extended its bullish streak on Tuesday, with market capitalisation surging by N259 billion on the back of heightened investor interest in select mid- and large-cap stocks.

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At the close of trading on the Nigerian Exchange (NGX), the market capitalisation increased by 0.37 per cent, climbing to N70.894 trillion from N70.635 trillion on Monday. Likewise, the All-Share Index (ASI) appreciated by 411.52 points, settling at 112,427.48.

Investor confidence was boosted by strong performances in key stocks such as Honeywell Flour Mill, SCOA Nigeria, SFS Real Estate Investment Trust, and Industrial & Medical Gases. These companies led the gainers’ chart, each posting notable price surges that fuelled the day’s rally.

Honeywell Flour Mill and SCOA Nigeria advanced by 10 per cent each to close at N22.00 and N5.39 per share, respectively. SFS Real Estate Investment Trust also gained 10 per cent, closing at N226.60, while Industrial & Medical Gases rose by 9.96 per cent to end at N37.00. International Energy Insurance followed closely with a 9.82 per cent jump to N1.79.

Despite the positive sentiment, the day wasn’t without its losers. Conoil dropped by 10 per cent to close at N268.30. Learn Africa fell 9.98 per cent to N3.88, while Transcorp Hotels shed 9.97 per cent to end at N132.80.

Julius Berger and Chellaram also recorded losses of 9.94 per cent and 9.92 per cent, closing at N120.50 and N9.53, respectively.

Overall, market sentiment remained largely upbeat, with 36 gainers outnumbering 32 losers.

Speaking on the market’s performance, equity analyst Chika Onuorah said:

“The sustained interest in large-cap stocks suggests institutional confidence is returning to the Nigerian equities market, buoyed by stronger fundamentals and positive corporate outlooks.”

Trading volume remained robust, with a total of 622.64 million shares valued at N16.12 billion exchanged across 17,044 deals. Fidelity Bank led in volume with 108.17 million shares worth N2.05 billion.

Legend Internet Plc traded 60.95 million shares at N344.36 million, while UBA moved 55.74 million shares valued at N1.93 billion.

GTCO posted 41.23 million shares valued at N2.80 billion, and Access Corporation followed with 34.51 million shares worth N754.43 million.

As momentum continues to build, market analysts remain cautiously optimistic, noting that upcoming corporate results and macroeconomic signals will shape the trajectory of the Nigerian equities market in the coming weeks.