The Nigerian Exchange (NGX) sustained its bullish momentum for the fourth straight session on Tuesday, with the benchmark All-Share Index (ASI) rising 0.23 per cent to close at 142,710.48 basis points.
This lifted the year-to-date return to 38.65 per cent from 38.33 per cent in the previous session, while market capitalisation advanced by N465.88 billion to settle at N90.58 trillion.
The positive outing was largely driven by strong demand in heavyweights such as Transcorp, up 8.48 per cent, Fidelity Bank, up 5.26 per cent, and Aradel Holdings, up 9.82 per cent.
Their gains outweighed profit-taking in top-tier banking stocks, including United Bank for Africa, down 2.70 per cent, Access Holdings, down 0.19 per cent, Zenith Bank, down 0.86 per cent, and Guaranty Trust Holding Company, down 0.11 per cent.
Sectoral performance closed on a mixed note. Oil and Gas gained 3.14 per cent, Industrial Goods rose 1.48 per cent, and Banking advanced 0.34 per cent. On the other hand, Insurance lost 3.77 per cent, while Consumer Goods fell 0.77 per cent, reflecting selective investor positioning across sectors.
Trading activity strengthened significantly, with transaction volume and value soaring by 223.09 per cent and 156.72 per cent, respectively. Fidelity Bank dominated the session, accounting for 793.04 million units valued at N15.88 billion, underscoring strong investor appetite in the mid-tier lender.
Despite the gains, market breadth closed negative, with 28 advancers against 31 decliners. UPDC, which gained 9.98 per cent, led the gainers’ chart, while Union Dicon, which fell 10 per cent, topped the laggards. Several other stocks closed flat.
Analysts note that the sustained bullish run in the market reflects resilient investor sentiment, particularly in energy and select banking names, despite profit-taking pressures in blue-chip lenders.
Market watchers expect momentum to remain largely driven by bargain-hunting and portfolio rebalancing as the quarter closes.