The Nigerian Exchange (NGX) continued its impressive bullish run on Tuesday, with the All-Share Index (ASI) climbing 0.54% to close at a record 202,559.41 points, up from Monday’s 201,474.89. The strong performance pushed the market capitalization to N130.03 trillion and lifted the year-to-date return to 30.17%, reflecting robust investor confidence amid improving domestic liquidity and selective bargain hunting.
Market breadth ended positive, with 39 gainers outweighing 34 decliners. Heavyweight and mid-cap stocks led the charge, delivering double-digit and near-double-digit gains in several names. BUACement was the standout performer, soaring 10% from N297.00 to N326.70 a gain of N29.70 per share. Premier Paints followed closely, rising 9.86% from N21.30 to N23.40. Zenith Bank added 7.91% (N8.15) to close at N111.15, while NAHCO and RT Briscoe also posted solid advances.
On the downside, some counters faced profit-taking pressure. FGSUK 2032S5 dropped sharply by 11.72% (N11.95) to N90.05, Presco fell the full 10% (N208.30) to N1,875.60, and Caverton and NSL Tech recorded moderate declines.
Trading activity surged dramatically, with total volume jumping 84.75% to 1.75 billion shares valued at N88.10 billion across 62,654 deals. FCMB dominated volume with 516.23 million shares traded, followed by Wema Bank and Zenith Bank. By value, Zenith Bank led with N18.10 billion in turnover, ahead of GTCO and MTNN.
The rally comes amid broader optimism in the equity space, fueled by improved market liquidity, positive corporate earnings expectations, and anticipation of structural reforms. One key development on the horizon is the planned transition to a T+1 settlement cycle starting May 29, 2026. Under the new framework, trades will settle one business day after execution, significantly faster than the current T+3 cycle.
Gilbert Ayoola, General Secretary of the Ibadan Zone Shareholders’ Association, welcomed the change, noting that “the transition to T+1 generates measurable efficiency gains across the capital market value chain.” He added that quicker settlement would provide faster access to capital for both institutional and retail investors, reduce counterparty risk, and enhance overall market attractiveness.
Analysts say the sustained momentum now pushing the ASI well past the 200,000 psychological barrier reflects growing domestic participation, renewed foreign interest in select counters, and a belief that Nigeria’s equities remain undervalued relative to improving macroeconomic fundamentals. With the market capitalization-to-GDP ratio climbing steadily, the focus remains on whether the bullish wave can carry through amid global uncertainties and domestic policy shifts.
