Investors gain N308bn as NGX extends rally

Investors on the Nigerian Exchange Limited (NGX) gained N308 billion on Tuesday as sustained buying interest in banking, industrial and hospitality stocks lifted the market for a second consecutive session.

Market capitalisation rose by 0.19 per cent to N159.12 trillion from N158.81 trillion recorded in the previous session, while the All-Share Index (ASI) advanced by 475.60 points, or 0.19 per cent, to close at 246,659.56 points. The latest performance pushed the market’s year-to-date return higher to 58.51 per cent from 58.20 per cent.

The bullish outing was driven by renewed demand for stocks such as Ikeja Hotel, which gained 9.53 per cent, NGX Group, up 7.15 per cent, and BUA Cement, which appreciated by 2.28 per cent. Their gains outweighed losses recorded by UBA, which fell 2.89 per cent, Mecure Industries, down 9.95 per cent, and Dangote Cement, which shed 1.24 per cent.

Trading activity was mixed as investors exchanged 932.45 million shares, representing a 9.49 per cent increase from the previous session. However, the value of transactions slipped marginally by 0.63 per cent to N49.28 billion.

Access Holdings emerged as the most actively traded stock by both volume and value after investors traded 336.62 million shares worth N8.65 billion.

Market breadth remained positive, with 34 gainers against 22 losers, reflecting stronger buying sentiment across the market. UPDC Real Estate Investment Trust led the gainers’ chart with a 9.86 per cent appreciation, while Mecure Industries topped the losers’ table after declining by 9.95 per cent.

Meanwhile, activity on the NASD Over-the-Counter Securities Exchange also closed higher as the NASD Security Index rose by 1.17 per cent to 4,393.97 points, lifting market capitalisation to N2.64 trillion. The OTC market’s year-to-date return improved to 23.99 per cent.

Despite the positive price performance, trading activity on the NASD weakened sharply, with volume plunging 99.39 per cent to 322,147 units and transaction value dropping 89.84 per cent to N19.42 million across 27 deals.

In the foreign exchange market, the naira appreciated by 0.35 per cent at the Nigerian Foreign Exchange Market (NAFEM), closing at N1,375.31 against the United States dollar.