The Nigerian equities market extended its bullish momentum on Tuesday as sustained demand for heavyweight stocks lifted key indicators and reinforced investor confidence on the Nigerian Exchange (NGX).

The benchmark NGX All-Share Index (ASI) advanced by 159 basis points, or 1.59 per cent, to close at 165,837.32 points, pushing the market’s year-to-date return higher to 6.57 per cent.

Market capitalisation also rose in tandem, gaining N1.66 trillion to settle at N106.18 trillion, reflecting a 1.59 per cent increase in investor wealth.

Market breadth strengthened significantly, underscoring the depth of the rally. A total of 54 stocks recorded gains compared with 13 losers, while 60 equities closed unchanged. This pushed the gainers-to-losers ratio to 4.15x, up from 2.45x in the previous session, confirming broad-based investor optimism.

Blue-chip stocks were the primary drivers of the rally. MTN Nigeria Communications Plc, PZ Cussons Nigeria Plc, Multiverse Mining and Exploration Plc, Oando Plc, United Bank for Africa Plc, Fidelity Bank Plc, Nigerian Breweries Plc, FBN Holdings Plc, Zenith Bank Plc, Lafarge Africa Plc, UAC of Nigeria Plc and Guaranty Trust Holding Company Plc posted notable gains, alongside 42 other advancing stocks.

Sectoral performance closed largely positive, with four of the five major indices ending in the green. The NGX Banking Index led the gainers, rising by 1.33 per cent on sustained buying interest in tier-one and mid-tier lenders, including United Bank for Africa Plc, Fidelity Bank Plc, FBN Holdings Plc, Zenith Bank Plc and Guaranty Trust Holding Company Plc.

The Consumer Goods Index followed with a 0.74 per cent gain, driven by appreciations in PZ Cussons Nigeria Plc, Nigerian Breweries Plc, Vitafoam Nigeria Plc and UAC of Nigeria Plc. The Oil and Gas Index added 0.39 per cent on the back of gains in Multiverse Mining and Exploration Plc, Oando Plc and Eterna Plc, while the Industrial Goods Index edged up by 0.10 per cent, supported by Caverton Offshore Support Group Plc and Lafarge Africa Plc. The Insurance Index was the sole laggard, weighed down by losses in Universal Insurance Plc, Prestige Assurance Plc and Regal Insurance Plc.

Trading activity was mixed, pointing to selective accumulation rather than broad-based speculation. Total volume traded declined by 1.58 per cent to 1.13 billion shares, while transaction value surged by 74.43 per cent to N33.55 billion. The sharp rise in value, despite lower volumes, suggested increased participation in high-priced stocks. Meanwhile, the number of deals executed fell by 17.09 per cent to 49,216, indicating dominance by large institutional transactions.

Looking ahead, analysts at Futureview Research expect cautious trading to persist, with investors likely to continue favouring fundamentally strong stocks with attractive valuations amid tightening liquidity conditions and evolving macroeconomic signals.

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