The market’s total capitalisation increased by N1.66tn, climbing from N104.52tn in the previous session to N106.18tn at the end of trading.
Similarly, the All-Share Index (ASI) advanced by 1.59 per cent, closing at 165,837.33 points, compared with 163,244.69 points recorded on Monday.
Market analysts described the performance as a clear indication of sustained bullish sentiment, noting that the rally reflects improved appetite for equities amid expectations of stronger corporate earnings and relative stability in macroeconomic conditions.
Despite mixed trading activity, the positive close highlighted the market’s resilience, particularly as investors continued to position themselves in high-quality stocks with strong fundamentals.
Trading statistics revealed that a total of 1.13 billion shares valued at N33.54bn exchanged hands in 49,181 deals.
While trading volume declined by about 2 per cent and the number of deals dropped by 17 per cent compared to the previous session, turnover surged by 75 per cent, signalling increased participation in higher-priced equities.
A total of 128 equities were actively traded during the session, with market breadth closing firmly positive.
Fifty-five stocks recorded price appreciation, significantly outweighing the 13 equities that closed in negative territory.
This wide spread of gains across sectors underscored the depth of buying interest in the market, as investors rotated funds into stocks perceived as undervalued or positioned for medium- to long-term growth.
Telecommunications giant MTN Nigeria Communications Plc led the gainers’ chart, posting a 10 per cent increase to close at N605.00 per share.
The stock’s strong performance was widely attributed to sustained institutional demand and positive sentiment around the company’s earnings outlook.
Consumer goods firm PZ Cussons Nigeria Plc followed closely, also gaining 10 per cent to close at N58.30, while E-Tranzact International Plc appreciated by 10 per cent to N18.15.
Other notable gainers included Caverton Offshore Support Group Plc, which rose to N7.70, and DEAP Capital Management & Trust Plc, which closed at N3.63, both recording the maximum daily price movement.
Agribusiness company Ellah Lakes Plc also posted an impressive performance, rising by nearly 10 per cent to close at N17.10, reflecting renewed investor interest in the agriculture value chain.
On the downside, insurance stocks accounted for most of the declines recorded during the session. Universal Insurance Company Plc led the losers with a 6.25 per cent drop, closing at N1.20 per share.
It was followed by Prestige Assurance Plc, which declined by 5.81 per cent to N1.62, and Regency Alliance Insurance Plc, which fell by 5.17 per cent to close at N1.10. Academy Press Plc also closed lower, shedding 5.06 per cent to N7.50, while Royal Exchange Plc slipped by 3.98 per cent to N1.93.
Market observers noted that the losses were largely driven by mild profit-taking rather than any fundamental weakness, as overall sentiment remained positive.
In terms of trading activity, Sovereign Trust Insurance Plc emerged as the most traded stock by volume, with 344 million shares exchanged during the session.
Access Holdings Plc followed with 86.2 million shares, while E-Tranzact International Plc and Linkage Assurance Plc recorded volumes of 61.1 million and 49.9 million shares, respectively.
Analysts said the sustained rally, where the NGX gains N1.66tn, reflects growing confidence in Nigeria’s equities market, particularly among institutional and long-term investors.
They added that the rise in turnover, despite lower overall volumes, suggests that investors are increasingly favouring high-value stocks with strong balance sheets and earnings potential.
Market analysts remain cautiously optimistic about the near-term outlook, noting that the ability of the market to sustain gains and expand capitalisation could attract fresh inflows from both domestic and foreign investors.
According to them, continued stability in macroeconomic indicators, combined with improved corporate disclosures and policy clarity, could further strengthen investor sentiment in the coming weeks.
The latest performance follows a positive opening to the trading week, during which the market recorded significant gains, reinforcing expectations that bullish momentum could persist if current conditions are sustained.
As the NGX gains N1.66tn, stakeholders believe the market is gradually positioning itself as a more attractive destination for capital, provided that economic reforms and investor-friendly policies continue to support growth and transparency.
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