Nigerian Exchange Roars as Equity Investors Gain N395bn
The Nigerian Exchange (NGX) market capitalisation soared to about N83.8 trillion on Tuesday, marking the second day of another monster rally that pushed the all-share index to a new high. The key market indicators continue to break new highs, with year-to-date return climbing to 28.69% as buy-side actors remained active in the local bourse.
The bullish momentum drove the NGX All-Share Index (ASI) higher, up by 0.47% to close at 132,451.73 points, highlighting sustained investor optimism and growing confidence in the resilience.
Consequently, market capitalization expanded by ₦395 billion, settling at ₦83.79 trillion, a clear indication of improved liquidity and heightened interest in fundamentally strong stocks, according to Cowry Asset Limited.
Stockbrokers said despite the broad market gains, sentiment was moderately mixed, with market breadth closing positive—36 stocks advanced while 34 declined—reflecting ongoing bargain hunting alongside some profit-taking.
Buying interest in medium and large-scale stocks was spotted today, particularly in DANGSUGAR, WAPCO, CADBURY, among others. This renewed interest follows the release of half-year financial results by some listed companies, with investors optimistic about better performance from others yet to report.
Trading activities in the market inched higher as the total volume and total value of all trades consummated increased by 11.62% and 28.85%, respectively. In its note, Atlass Portfolio Limited told investors that approximately 762.60 million units valued at ₦26,426.16 million were transacted across 32,365 deals.
In terms of volume, ACCESSCORP led the activity chart, accounting for 13.34% of the total volume of all trades executed in the market, followed by ELLAHLAKES (7.36%), UBA (6.26%), GTCO (4.25%), and WAPCO (3.96%), rounding out the top five.
WAPCO emerged as the most traded stock in value terms, accounting for 14.46% of the total value of all trades consummated on the exchange. Top gainers included Dangote Sugar (+10.00%), The Initiates Plc (TIP, +9.97%), Sovereign Trust Insurance (+9.84%), Enamelware (+9.83%), and UPL (+9.82%).
On the other hand, notable laggards were Legend Internet, Ellah Lakes, FTN Cocoa, Meyer, and Thomas Wyatt. Sectoral performance was largely upbeat, driven by renewed interest in key sectors. The banking (+0.12%), insurance (+0.25%), consumer goods (+0.50%), and industrial goods (+2.87%) sectors all posted gains, while the oil & gas and commodity sectors dipped by 1.04% and 0.70%, respectively.
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