On Tuesday, equities trading at the Nigerian Exchange Limited surged in bullish momentum to peak six-month high trade, driving the benchmark index higher by 3.56 per cent, the highest point since June 30, 2023.
Specifically, renewed interest in Dangote Cement and MTN Nigeria Communications propelled the market as these highly capitalised stocks increased in value by 3.7 per cent and 3.5 per cent, respectively.
Also, buy pressure was witnessed on stocks such as FBN Holdings, FTN Cocoa Processor, Mutual Benefits Assurance, Universal Insurance, and Cadbury, as their share price prices recorded gains of 10.00 per cent each.
Given the sustained bullish trend, the year-to-date gain of the NGX All Share Index climbed to 11.26 per cent, even as the number of 72 gainers outweighed that of the 13 losers.
Owing to the bullish trading outing, equities investors cumulatively earned N1.57 trillion as the market capitalization closed at N45.52 trillion.
As measured by market breadth, market sentiment was positive, as 70 tickers gained relative to 13 losers. On the performance board, Cadbury and FBN Holdings recorded the most significant gains of the day, having appreciated by 10.0 per cent, respectively, while Total Energies and Daar Communication topped the losers’ list after their respective share prices dipped by 10.0 per cent and 9.4 per cent, respectively.
Sector-wise, positive sentiment was observed, with the banking index leading the gainers with an 8.16 per cent increase, driven by positive movements in the prices of FBN Holdings, Wema Bank, Zenith Bank, FCMB Group, Guaranty Trust Holding Company, United Bank for Africa, and Access Holdings.
The Insurance and Consumer Goods indexes followed suit with gains of 6.37 per cent and 3.98 per cent, respectively, attributed to buying interest in Cadbury, Unilever, AIICO Insurance, and Guinea Insurance. The industrial sector also recorded gains of 2.53 per cent.
Meanwhile, the oil and gas sector was the only laggard, as it declined by 2.35 per cent.
In the same light, trading activity at the local bourse on Tuesday reflected the prevailing positive trend, evidenced by a 6.61 per cent increase in total deals, followed by an 18.46 per cent rise in traded volume and a substantial 61.77 per cent surge in the total traded value.
A total of 1.41 billion shares valued at N24.68 billion were exchanged in 17,144 deals.
At the conclusion of the trading session, Fidelity Bank emerged as the most traded security by volume, with 141.75 million units traded in 989 trades, while United Bank for Africa led in traded value at N3.78 billion.
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