The stock market posted a recovery on Tuesday, gaining 0.22 per cent, equivalent to N131 billion, after six consecutive sessions of losses. Market capitalisation, which opened at N58.721 trillion, rose by N131 billion, closing at N58.852 trillion.
Similarly, the All-Share Index increased by 0.22 per cent, adding 216 points to settle at 97,123.61 points, up from Monday’s 96,907.73 points. This pushed the Year-To-Date (YTD) return to 29.89 per cent.
The market’s turnaround was driven by renewed investor interest in Tier-one banking stocks, including Zenith Bank, FBN Holdings, United Bank for Africa (UBA), Access Corporation, and Fidelity Bank. Overall, market breadth closed positive, with 26 stocks advancing and 21 declining.
Conoil led the gainers, rising by N18.80 to close at N208.10, followed by John Holt, which gained 36k to close at N3.99, and Eunisell Ltd., which added 61k to end at N6.79 per share. UBA and PZ also saw notable gains, with UBA rising by N3.15 to close at N35.05 and PZ advancing by N1.95 to settle at N24.95 per share.
On the losing side, Oando led with a drop of N8.05 to close at N72.65, while Daar Communications, Regency Alliance Insurance, Veritas Kapital, and Guinea Insurance all recorded smaller declines.
Market activity also saw a significant boost, with trade turnover up 79.64 per cent compared to the previous session. A total of 3.60 billion shares worth N25.57 billion were traded in 10,679 deals, a sharp rise from the 1.22 billion shares valued at N14.23 billion exchanged in 10,386 deals on Monday.
Sovereign Trust Insurance led in volume, with 2.50 billion shares traded, while UBA topped the value chart with transactions worth N6.74 billion.
Credit: NAN (Text Excluding Headline)
