Nigerian stocks extend rally as market cap hits N130tn

Nigeria’s equities market maintained its bullish run on Tuesday, with market capitalisation climbing to N130 trillion amid sustained investor confidence and gains across key sectors.

The all share index rose by 1,084.52 points, representing a 0.54 per cent increase to close at 202,559.41 points, while market capitalisation advanced by N696 billion to settle at N130.026 trillion.

The uptrend was largely driven by strong performances in medium- and large-cap stocks, including BUA Cement, Nigerian Aviation Handling Company, Zenith bank, Dangote Cement, and Guaranty Trust Holding Company.

Commenting on the market performance, imperial asset managers said, “overall, the session reflects sustained investor optimism, supported by continued demand for fundamentally sound stocks and improved market liquidity.”

On the outlook, United Capital Plc noted that, “the market’s structural bull run remains intact, supported by the CBN’s rate cut and improving macro visibility, but investors should remain alert to global risk-off sentiment and potential profit-taking as valuations stretch.”

Market breadth closed positive, with 39 gainers outperforming 34 losers. BUA Cement recorded a 10 per cent increase to close at N326.70 per share, while Premier Paints rose by 9.86 per cent to N23.40. Zenith Bank gained 7.91 per cent to close at N111.15, and NAHCO appreciated by 7.14 per cent to N175.60 per share.

Other notable gainers included R.T. Briscoe and VFD Group, which both rose by 6.67 per cent.

On the downside, Presco led the losers, shedding 10 per cent to close at N1,875.60 per share. Caverton Offshore Support Group declined by 8.70 per cent, while Secure Electronic Technology dropped 7.69 per cent.

Guinea insurance and international breweries also recorded losses of 6.43 per cent and 6.35 per cent respectively.

Trading activity surged, with total volume increasing by 41.22 per cent to 1.752 billion units valued at N88.095 billion across 62,654 deals.

FCMB group led the activity chart with 516.227 million shares worth N6.555 billion, followed by Wema bank with 213.386 million shares valued at N5.566 billion. Zenith bank traded 163.107 million shares worth N18.100 billion.

Access holdings recorded 123.850 million shares valued at N3.168 billion, while GTCO accounted for 100.017 million shares worth N12.356 billion.