Nigeria’s stock market extended its bullish run for a third consecutive trading session on Tuesday, with investors adding ₦1.86 trillion as renewed demand for blue-chip stocks lifted the benchmark index to another record high, although trading activity slowed significantly.

The Nigerian Exchange (NGX) All-Share Index (ASI) advanced by 1.24 per cent to close at 237,083.28 points, while market capitalisation rose by the same margin to N152.14 trillion, reflecting sustained buying interest across key sectors of the market.

The latest rally pushed the market’s year-to-date return to 52.35 per cent, underscoring investors’ continued appetite for fundamentally strong companies despite lingering macroeconomic headwinds.

Market analysts attributed the strong performance to sustained institutional demand for large-cap stocks, particularly in the industrial, banking, telecommunications and oil and gas sectors, as investors continued to reposition their portfolios ahead of the half-year earnings season.

The positive close was driven by gains in NAHCO, Vitafoam Nigeria, NGX Group, Dangote Cement, Lafarge Africa (WAPCO), First HoldCo, MTN Nigeria, Aradel Holdings, Dangote Sugar Refinery and Access Holdings, alongside 44 other advancing stocks.

Market breadth nevertheless remained firmly positive, although it moderated from the previous session. The gainers-to-losers ratio eased to 3.18 times from 4.50 times as 54 stocks appreciated, 17 equities declined and 61 closed unchanged, indicating that buying sentiment continued to outweigh selling pressure.

Sectoral performance reflected widespread buying interest, with all five major sectoral indices ending the session in positive territory.

The Industrial Goods Index emerged as the best-performing sector, climbing 3.36 per cent on the back of strong demand for Dangote Cement, which appreciated 5.40 per cent, and Lafarge Africa, which gained 4.83 per cent. The rally in the cement heavyweights provided the biggest boost to the overall market.

The Insurance Index followed with a 1.18 per cent gain, supported by advances in International Energy Insurance, Cornerstone Insurance and Universal Insurance. The Oil and Gas Index rose 0.60 per cent as investors accumulated shares of JapaulGold and Aradel Holdings.

Consumer goods stocks also attracted fresh buying, with the sector advancing 0.49 per cent following gains in Cadbury Nigeria, Vitafoam, International Breweries, Dangote Sugar and Honeywell Flour Mills.

The Banking Index recorded a modest 0.07 per cent increase as investors accumulated shares of Jaiz Bank, FCMB Group, First HoldCo, United Bank for Africa, Access Holdings and Wema Bank.

However, trading activity weakened as investors executed fewer transactions than in the previous session. Total traded volume declined by 8.35 per cent to 493.67 million shares, while the value of transactions dropped sharply by 27.59 per cent to N28.02 billion, suggesting that the day’s rally was driven more by price appreciation in heavyweight stocks than by broad market turnover.

The sustained rally reflects improving confidence among domestic investors, who continue to rotate into fundamentally resilient companies with strong earnings prospects. They noted that while the decline in trading volume and value suggests a degree of caution, the dominance of gainers and continued accumulation of blue-chip stocks indicate that bullish sentiment remains intact.

Analysts expect intermittent profit-taking in the coming sessions as investors lock in gains following the market’s strong performance. Nevertheless, they believe robust corporate fundamentals, improving liquidity and expectations of solid half-year earnings will continue to underpin demand for quality stocks on the NGX.

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