The Nigerian Exchange (NGX) sustained its positive momentum on Tuesday, with market capitalisation rising by N575.25 billion as buying interest in medium and large-cap stocks lifted key market indicators.
The market closed 36 basis points higher, despite ongoing activity surrounding the Dangote Refinery initial public offering (IPO).
The All-Share Index (ASI) gained 887.23 points to close at 244,186.47, while total market capitalisation increased to N158.32 trillion.
The Oil and Gas sector led the sectoral gains, supported by strong interest in stocks such as Aradel Holdings (ARADEL). NGX Group (NGXGROUP), Zenith Bank (ZENITHBANK), and HBMNG also recorded notable gains as investors maintained bullish positions across selected sectors.
Trading activity strengthened during the session, with total volume and transaction value rising by 17.75% and 76.84%, respectively. A total of 505.12 million shares, valued at N36.29 billion, changed hands in 71,635 deals.
MBENEFIT led the volume chart, accounting for 7.53% of total shares traded. It was followed by GTCO with 7.24%, Zenith Bank with 5.95%, Fidelity Bank with 5.69%, and MANSARD with 4.42%.
Aradel Holdings dominated the value chart, accounting for 17.12% of total transaction value, making it the most traded stock by value on the exchange.
NGX Group led the gainers, rising 9.95%, followed by Aradel Holdings at 9.62%, Sovereign Trust Insurance at 9.50%, McNichols at 9.09%, International Breweries at 8.50%, and WAPIC at 7.69%.
On the downside, 28 stocks recorded price declines. ETI was the worst performer, shedding 10.00%, followed by Transnational Express (-9.93%), AVA Capital Holdings (-9.90%), PZ Cussons Nigeria (-9.52%), Prestige Assurance (-8.72%), and Caverton Offshore Support Group (-7.59%).
Market breadth remained positive, with 33 gainers against 26 losers.
Sectoral performance was also broadly positive, with three of the five major sectors closing higher. The Oil and Gas sector led the advance with a 3.79% gain, followed by Consumer Goods at 1.06% and Banking at 0.08%.
Meanwhile, Industrial Goods declined by 0.58%, while the Insurance sector fell by 0.18%.