The Nigerian equities market rebounded strongly on Tuesday, with the NGX All-Share Index surging 2.23 per cent to settle at 228,579.80 points, pushing the year-to-date return to +46.89 per cent and adding N3.2 trillion to market capitalisation, which closed at N147.17 trillion.

Despite the bullish trade, the market closed on a mixed note, as a broad rally in mid- and small-cap stocks was offset by sell-offs in bellwether equities, underscoring a cautious mood among investors.

Data from the NGX showed that 39 stocks recorded price gains, reflecting renewed bargain hunting across sectors. However, market sentiment remained fragile as several high-capitalisation stocks came under pressure, limiting the overall upside.

Activity was particularly intense in the banking sector, where AccessCorp emerged as the most actively traded stock by volume. The lender recorded a significant decline, shedding nearly 8 per cent of its value to close lower after opening the day stronger. The stock also dominated turnover, with over 243 million shares exchanged in thousands of deals valued at more than N6.4 billion, highlighting sustained investor interest despite the price dip.

Market analysts said the divergence between gainers and key laggards points to portfolio rebalancing by institutional investors, many of whom are locking in profits following recent rallies while rotating into undervalued counters.

Across the broader market, trading patterns suggested a tilt towards speculative and mid-tier equities, which accounted for a large portion of the day’s gainers. This helped lift market breadth into positive territory, even as declines in select blue-chip stocks weighed on the benchmark index.

“The numbers show strong participation, but the quality of gains matters,” a Lagos-based equities trader said. “When the heavyweights are down, it tends to cap overall market performance.”

Turnover remained robust, supported by sustained liquidity in financial stocks and continued retail participation. Analysts noted that the high volume of trades signals underlying market resilience, even amid short-term volatility.

Looking ahead, market watchers expect continued mixed trading sessions driven by earnings expectations, macroeconomic signals and shifting investor strategies. With many stocks trading near recent highs, profit-taking is likely to persist, though bargain hunters may continue to provide support at lower price levels.

For now, the market appears to be in a consolidation phase, balancing optimism from broad-based gains against caution triggered by declines in key market movers.

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