The Nigerian Exchange (NGX) witnessed a significant bullish surge on Tuesday, gaining N1.74 trillion in market capitalization as investors responded positively to a strong outlook on corporate earnings. The rally was broad-based, driven by robust participation across key sectors, highlighting renewed confidence in the market’s growth trajectory.
At the close of trading, the NGX’s market capitalization jumped to ₦87.2 trillion from ₦85.46 trillion recorded on Monday. Similarly, the All-Share Index (ASI) rose by 2,746.36 points, or 2.03%, closing at 137,912.87. This surge contributed to a weekly gain of 4.12%, a four-week rally of 14.95%, and pushed the year-to-date return to an impressive 33.99%.
Analysts say the market momentum is primarily driven by investor optimism around second-quarter earnings season, with several companies already posting strong half-year financial results.
Market breadth was highly positive, with 51 gainers outpacing 25 losers, while 52 stocks closed flat. Trading activity also witnessed an uptrend, as 940.8 million shares valued at ₦30.63 billion were exchanged in 28,358 deals. This reflects an 18% increase in volume and a 32% jump in turnover, though the number of deals fell by 25% compared to the previous session.
On the gainers’ chart, Berger Paints topped the list with a 10% increase, closing at ₦34.10 per share. It was closely followed by Learn Africa (₦6.93), Haldane McCall (₦4.73), Thomas Wyatt Nigeria (₦3.19), and MTN Nigeria, which surged 9.99% to close at ₦451.60. Ellah Lakes also saw a 9.99% rise, finishing at ₦9.80.
On the flip side, Northern Nigeria Flour Mills led the losers with a 10% drop to ₦93.15. Abbey Mortgage Bank declined by 10% to ₦7.20, while Vitafoam Nigeria fell 9.96% to ₦79.10. Industrial and Medical Gases lost 9.93%, closing at ₦37.65. International Breweries and Legend Interiors also declined, shedding 7.10% and 6.96%, respectively.
Fidelity Bank emerged as the most traded stock by volume, with 111.27 million shares valued at ₦2.33 billion. Royal Exchange followed with 74.08 million shares, while Jaiz Bank, Universal Insurance, and Consolidated Hallmark Insurance also featured prominently.
In terms of value, MTN Nigeria led the pack with trades worth ₦3.59 billion. Okomu Oil recorded ₦3.01 billion in transactions, while GTCO, Fidelity Bank, and Zenith Bank posted ₦2.61 billion, ₦2.33 billion, and ₦1.87 billion in turnover, respectively.
All major sector indices ended in the green. The Premium Index led with a 4.51% gain, followed by the Industrial Index, which climbed 2.93%. The Pension Index advanced by 2.34%, the Insurance Index rose 1.93%, while the Banking and Top 30 indices gained 1.62% and 2.12%, respectively.
Market analysts remain optimistic that the rally could be sustained in the short term, especially if more listed firms publish strong Q2 earnings reports. The bullish trend is also expected to attract more foreign portfolio investors, who are keenly watching the performance of blue-chip companies such as MTN Nigeria, GTCO, and Okomu Oil.
The positive sentiment is a welcome development for an economy still grappling with inflation, currency instability, and structural reforms. Experts advise investors to monitor corporate disclosures closely while diversifying portfolios to hedge against potential market reversals.
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