The Nigerian equities market reopened on a strong note on Tuesday, as bullish sentiment returned following the Easter holiday break, lifting key performance indicators and boosting investor wealth.

The NGX All-Share Index advanced by 15 basis points to close at 201,996.03 points, reflecting renewed buying interest across major counters. Consequently, investors gained N191.23 billion, as market capitalisation climbed by 0.15 per cent to N123.00 trillion.

Market analysts attributed the upbeat performance largely to increased demand for bellwether financial stocks, which provided significant support to the benchmark index.

The year-to-date return also improved to 29.81 per cent, underscoring sustained positive momentum in the equities market.

Gains in heavyweight stocks, including Cadbury Nigeria Plc, First Holdco Plc, NGX Group Plc, Guaranty Trust Holding Company (GTCO), Stanbic IBTC Holdings Plc, Lafarge Africa Plc (WAPCO), Aradel Holdings Plc, and Access Holdings Plc, drove the rally, alongside advances in 16 other listed equities.

Despite the overall positive close, market breadth weakened, as the gainers-to-losers ratio declined to 0.65x from 1.42x. A total of 24 stocks advanced, while 37 declined and 72 closed flat, suggesting that gains were concentrated in a relatively small number of stocks.

Sectoral performance was broadly positive, with three of the five major indices closing higher. The Banking Index led the gainers, rising by 1.46 per cent on the back of renewed interest in First Holdco, GTCO, Stanbic IBTC, Sterling Financial Holdings Company, Jaiz Bank Plc, and Access Holdings.

The Oil and Gas Index followed with a 0.12 per cent increase, supported by gains in Aradel Holdings, while the Consumer Goods Index edged up by 0.05 per cent, buoyed by buying interest in Cadbury Nigeria and Honeywell Flour Mills.

However, losses in insurance stocks dragged the Insurance Index down by 1.37 per cent, with declines recorded in SUNU Assurances Nigeria Plc, Consolidated Hallmark Insurance Plc (CHIPLC), Universal Insurance Plc, Prestige Assurance Plc, Sovereign Trust Insurance Plc, Lasaco Assurance Plc, Royal Exchange Plc, International Energy Insurance Plc, Guinea Insurance Plc, Veritas Kapital Assurance Plc, Regency Alliance Insurance Plc, and Mansard Insurance Plc.

The Industrial Goods Index also dipped marginally by 0.31 per cent, pressured by declines in Computer Warehouse Group (CWG) and Cutix Plc.

Trading activity strengthened significantly, with total volume and value traded surging by 86.21 per cent and 93.77 per cent to 1.04 billion units and N37.33 billion, respectively, an indication of heightened investor participation.

The day’s performance signals cautious optimism among investors, as selective buying in fundamentally strong stocks continues to shape market direction in the near term.

(Nigerian Tribune)

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