Nigeria’s stock market witnessed a strong rally on Tuesday, with the All-Share Index (ASI) climbing 1.56% to close at 108,361.10 points, breaking through the 107,000 and 108,000 marks and inching closer to the 109,000 milestone.
Heavyweight stocks powered the gains, led by MTN Nigeria, which surged by 9.2%. Aradel Holdings also contributed to the market’s strength, rising by 7.6%. As a result, total market capitalization jumped to N68.1 trillion, up from N67.06 trillion recorded in the previous session.
Although trading volume dipped slightly to 475.4 million shares from 569 million shares the day before, investor interest remained high, particularly in the banking sector.
Ecobank Transnational Incorporated (ETI), Northern Nigeria Flour Mills, and Nestlé Nigeria topped the day’s performance chart, each hitting the maximum daily gain of 10%. On the flip side, Guinea Insurance and Daar Communications suffered the steepest declines, falling 8.7% and 6.78%, respectively.
Access Holdings (ACCESSCORP) led trading activity, with over 103.9 million shares exchanged. Guaranty Trust Holding Company (GTCO) followed with 37.9 million shares, while UBA, Sterling Bank, and Zenith Bank were also among the most traded.
In terms of value, GTCO recorded transactions worth N2.4 billion, closely followed by ACCESSCORP at N2.2 billion. Other top-value trades included Zenith Bank, UBA, and Aradel Holdings.
Stocks classified in the SWOOT (Stocks Worth Over One Trillion) category performed robustly, with Aradel rising by 7.58% and MTN Nigeria up 9.16%. The major banks, known collectively as FUGAZ, all closed in positive territory: Zenith Bank advanced by 2.24%, GTCO by 2.44%, UBA by 1.77%, ACCESSCORP by 0.95%, and First Bank Holdings edged up by 0.20%.
Market analysts believe the strong momentum could soon push the ASI beyond 109,000 points, with further gains in blue-chip stocks possibly propelling the index toward 110,000 in the near term.
