Lagos: The Nigerian stock market maintained its bullish momentum on Tuesday, achieving a notable gain of N226 billion. The upward trajectory was largely attributed to robust buying interest in medium and large-capitalised stocks such as Omatek, NGX Group, Neimeth International Pharmaceutical, Champion Breweries, and a host of others.
According to News Agency of Nigeria, the market capitalisation experienced a significant rise of N226 billion or 0.30 per cent, closing at N76.758 trillion, compared to N76.532 trillion recorded the previous day. In a similar fashion, the All-Share Index (ASI) advanced by 358.60 points or 0.30 per cent, reaching 121,653.93 from 121,295.33.
The market breadth concluded on a positive note, with 58 stocks gaining and 21 recording losses. Notably, Cileasing and Champion Breweries both saw a 10 per cent increase, closing at N6.60 and N14.96 per share, respectively. Omatek also soared by 10 per cent, ending at N1.10, while NGX Group reached N56.10 per share with an identical percentage gain. Neimeth International Pharmaceutical reported a 9.95 per cent increase, closing at N9.50 per share.
Conversely, on the losers’ side, Deap Capital fell by 10 per cent to finish at N1.17, while ETranzact dropped by 9.55 per cent, settling at N9 per share. Northern Nigeria Flour Mills and Sunu Assurances also experienced declines of 9.17 per cent and 6.22 per cent, closing at N98.10 and N4.27 per share, respectively. VFD Group saw a decrease of 6.16 per cent, settling at N13.70 per share.
Trading activity was vibrant, with one billion shares valued at N19.48 billion exchanged across 24,770 transactions. This marked an increase compared to 824.1 million shares worth N14.4 billion traded across 24,042 deals on the previous trading day. The shares of Access Corporation led the activity chart with 124.25 million shares worth N2.74 billion. Ja Paul Gold followed with 123 million shares valued at N340.92 million, while Mutual Benefits Assurance transacted 55.6 million shares worth N77.7 million. Additionally, Universal Insurance sold 54.59 million shares valued at N38.3 million, and AIICO Insurance traded 40.44 million shares worth N70.8 million.