RENEWED buying interest in Union Dicon Salt, Austinlaz, Industrial and Medical Gases, Zichis Agro Allied Industries, and RT Briscoe lifted the Nigerian stock market on Tuesday, as investors pushed the benchmark indices higher and extended the market’s recent rally.
These stocks, alongside more than 30 other advancing equities, provided the momentum that helped the market add N332 billion to investors’ portfolios, reflecting growing confidence among traders despite lingering economic uncertainties.
At the close of trading, the total market capitalisation of listed equities on the Nigerian Exchange (NGX) rose from N106.162 trillion at the start of the session to N106.494 trillion, representing a 0.31 percent gain. This increase translated into a net addition of N332 billion in market value, marking another positive session for domestic investors.
Similarly, the All-Share Index (ASI) appreciated by 516.93 points, or 0.31 percent, to close at 165,901.57, compared with the opening figure of 165,384.64. The rise in the index reflects the overall positive performance of stocks across different sectors of the market.
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Market sentiment remained upbeat, as shown by the day’s market breadth, which closed slightly in favour of gainers. A total of 35 stocks recorded price increases, while 34 equities closed in the red. This near-even split indicates a cautious but still optimistic trading atmosphere, with investors selectively positioning in stocks they believed offered better short-term upside.
Leading the gainers’ chart were Industrial and Medical Gases, Union Dicon Salt, Zichis Agro Allied Industries, and Austinlaz, all of which recorded the maximum daily price increase of 10 percent. Industrial and Medical Gases closed at N34.65, Union Dicon Salt ended the session at N9.90, Zichis Agro Allied Industries rose to N5.06, while Austinlaz finished at N4.07 per share.
RT Briscoe followed closely behind, gaining 9.95 percent to close at N9.50 per share, as demand for the stock remained strong throughout the trading session.
However, not all stocks participated in the rally. On the losers’ side, Cutix and Omatek Ventures topped the chart after each declined by 10 percent, closing at N3.15 and N2.43 per share, respectively.
Other notable decliners included Union Homes Real Estate Investment Trust, which dropped by 9.95 percent to close at N76.90, Sunu Assurances, which shed 9.94 percent to settle at N4.62, and Deap Capital Management, which fell by 9.93 per cent to close at N7.62 per share.
Trading activity showed mixed signals. A total of 736.4 million shares valued at N24.7 billion were exchanged in 46,026 transactions. This compared with the 762.8 million shares worth N18.4 billion traded in 55,374 deals during the previous session.
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The data revealed a 3.45 percent decline in trading volume and a 17 percent drop in the number of transactions, suggesting some investors stayed on the sidelines. However, the 29 percent increase in transaction value indicates that more funds were channelled into higher-priced stocks, boosting overall turnover.
Analysts say the continued upward movement of the market reflects growing confidence in select stocks, especially in the small- and mid-cap segment, as investors search for opportunities to hedge against inflation and currency volatility. They note that bargain hunting and short-term profit expectations are also fuelling demand for fundamentally sound companies.
