The Nigerian stock market extended its winning streak into a second day on Tuesday, with total market capitalisation soaring by N1.66 trillion as investors continued to pile into high-quality names amid growing optimism.
By the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index climbed 1.59%, or 2,592.64 points, to settle at 165,837.33 — up from Monday’s 163,244.69. This pushed the overall market value from N104.52 trillion to a fresh high of N106.18 trillion, reinforcing the bullish momentum that began the week with a N745 billion gain.
While trading volume dipped slightly by 2% to 1.13 billion shares and the number of deals fell 17% to 49,181, the value of transactions jumped an impressive 75% to N33.54 billion. The higher turnover despite lower volume points to strong participation in more expensive, large-cap stocks.
Market breadth remained firmly positive across the 128 equities that traded: 55 stocks advanced, while only 13 closed lower.
Telecoms giant MTN Nigeria led the charge, hitting the daily 10% upper limit to close at N605.00 per share. PZ Cussons Nigeria followed suit with a 10% gain to N58.30, E-Tranzact International rose 10% to N18.15, Caverton Offshore Support Group advanced 10% to N7.70, and DEAP Capital Management & Trust ended at N3.63 after a maximum gain. Ellah Lakes Plc nearly matched the leaders, climbing 9.97% to N17.10.
On the downside, insurance names bore the brunt of profit-taking. Universal Insurance Company Plc led the losers with a 6.25% drop to N1.20, followed by Prestige Assurance Company (down 5.81% to N1.62), Regency Alliance Insurance (down 5.17% to N1.10), Academy Press Plc (down 5.06% to N7.50), Royal Exchange Plc (down 3.98% to N1.93), and Austin Laz & Company Plc (down 2.94% to N3.96).
Volume leaders were dominated by insurance and banking counters, with Sovereign Trust Insurance Plc topping the list after 344 million shares changed hands. Access Holdings Plc followed with 86.2 million shares, E-Tranzact International traded 61.1 million units, and Linkage Assurance Plc rounded out the top four with 49.9 million shares.
Market analysts credited the sustained rally to robust demand for fundamentally strong large-cap stocks, particularly in telecommunications and financial services. The sharp rise in turnover value, even as overall volume eased, suggests investors are increasingly comfortable putting bigger bets on blue-chip names.
“The ability of the market to deliver consecutive strong sessions and push capitalisation beyond N106 trillion is a powerful signal of returning confidence,” one Lagos-based fund manager noted. “With corporate earnings season approaching and macroeconomic indicators showing signs of stabilisation, selective buying in quality names could keep the momentum alive in the weeks ahead.”
