The Nigerian stock market has shown a strong performance as bullish sentiment continues to drive investor confidence.
On Tuesday, investors saw a remarkable gain of N123 billion.
This increase brought the Nigerian Exchange Ltd. (NGX) market capitalization to N59.924 trillion.
The market opened at N59.801 trillion and rose by 0.20 percent, reflecting a healthy trading environment.
The All-Share Index also experienced an uptick, increasing by 0.20 percent, or 202 points, to close at 98,892.58.
This was an improvement from the previous day’s closing of 98,690.61.
As a result, the Year-To-Date (YTD) return climbed to an impressive 32.26 percent.
Key stocks driving the market included Zenith Bank, Guaranty Trust Holding Company (GTCO), FBN Holdings, United Bank for Africa (UBA), and Oando Plc.
These gains contributed to a positive market performance that delighted investors.
The market breadth also closed positively, with 24 gainers and 15 losers on the trading floor.
Transcorp Hotel led the gainers’ list, surging by 9.28 percent to close at N106 per share.
WAPIC followed closely, rising by 9.09 percent to close at 96 kobo per share.
UPDC also made a strong showing, gaining 6.90 percent to close at N1.55.
Universal Insurance increased by 5.88 percent to end the day at 36 kobo.
ABC Transport advanced by 4.65 percent, closing at N1.35 per share.
These companies’ performances reflect a growing optimism in the market.
However, not all stocks performed well.
JohnHolt led the losers’ log, dropping by 9.84 percent to close at N2.75 per share.
Tantalizers followed, also falling by 9.84 percent to close at 55 kobo.
Dangote Sugar experienced an 8.82 percent decline, closing at N31.
Regency Alliance Insurance shed 7.14 percent to close at 53 kobo.
Honeywell Flour declined by 5.81 percent, finishing the day at N4.38 per share.
These losses serve as a reminder of the volatility present in the stock market.
Despite the positive market sentiment, trading activity showed some decline.
The total trade turnover was down by 9.88 percent compared to the previous session.
A total of 591.01 million shares valued at N24.84 billion were exchanged in 6,987 deals.
In comparison, 405.02 million shares valued at N27.57 billion were traded in 8,281 deals during the previous session.
This decrease in trading volume highlights some caution among investors.
Champion led the activity log in terms of volume, with 255.28 million shares traded.
Seplat topped the value of deals, with transactions worth N19.48 billion.
These figures indicate a diverse range of trading activity among various stocks.
The overall outlook for the Nigerian stock market remains positive.
Investors are encouraged by the recent gains and the bullish sentiment.
Analysts believe that the market will continue to attract interest as companies report strong earnings.
UBA, for instance, has seen a remarkable rise in gross earnings by 110 percent, which has contributed to the positive market environment.
This strong performance by UBA illustrates the potential for growth in the Nigerian economy.
