The Nigerian stock market continued its upward trend on Tuesday, with the All-Share Index (ASI) increasing by 0.18%, closing at 98,568.59 points, up by 181.99 points from the previous session. This positive movement marks a steady rise in the market’s performance.
Banking stocks played a significant role in this growth, with notable performances from FBN Holdings (FBNH) and Fidelity Bank (FIDELITY), both seeing substantial gains. FBNH rose by 10%, while Fidelity Bank also experienced a 9.7% increase. In total, 763 million shares were traded, a slight decrease from the 810.42 million shares exchanged the previous day.
Among the top gainers, the Nigerian Infrastructure Debt Fund (NIDF) led the market with a 10% increase, followed by FBNH, which also climbed 10%. On the other hand, Oando was the biggest loser, falling by 10%, while Okomu Oil and Caverton dropped by 9.98% and 9.88%, respectively.
The banking sector saw strong activity, with Fidelity Bank leading in trading volume, recording 126.09 million shares. United Bank for Africa (UBA) and Transcorp followed closely, trading 103.4 million and 73.54 million shares, respectively. In terms of trading value, Fidelity Bank topped the list with N2.08 billion worth of transactions.
Looking ahead, market analysts expect the bullish trend to continue, especially as banking stocks recover from recent corrections. With the ASI nearing 100,000 points, further growth in the stock market is anticipated in the coming weeks.
