Nigerian equities market capitalisation hits N60trn as ASI increases by 33.8%

The Nigerian stock market made a mark on Tuesday, as the market capitalization of equities on the Nigerian Exchange (NGX) hit N60 trillion.

With this milestone, the local stock market is on track to becoming one of the best-performing stock markets globally, with its Year-to-Date (YtD) return settling at 33.8 percent.

The positive performance of the local bourse on Tuesday was driven by gains in Aradel Holdings, Stanbic IBTC Holdings, and Guaranty Trust Holding Company, with their stock prices appreciating by 5.0 percent, 3.7 percent, and 1.0 percent, respectively.

Extending its winning streak for the sixth consecutive session, the local bourse maintained its positive momentum, as the benchmark index closed 0.13 percent stronger at 100,050.94 points, the highest level since July 25, 2024.

Thus, the Month-to-Date and Year-to-Date returns stood at +2.6 percent and +33.8 percent, respectively.

As a result of the rally, equity investors gained N76.69 billion cumulatively, with the market capitalization closing at N60.65 trillion.

However, as measured by market breadth, market sentiment was negative, with 23 stocks gaining compared to 26 losers.

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On the performance board, Wapic Insurance and MRS led the gainers, with their respective share prices appreciating by 10.0 percent. Meanwhile, Cutix and Tantalizer posted the most significant losses of the day, with their share prices depreciating by 10.0 percent and 9.7 percent, respectively.

Sectoral performance was largely positive, with gains in the banking sector (+0.19 percent), insurance (+1.56 percent), and oil & gas (+0.06 percent). However, the consumer goods and industrial goods sectors saw slight declines of 0.15 percent and 0.02 percent, respectively.

Despite the overall bullish trend for the day, trading activity weakened, with the number of deals and trading volume falling by 8.17 percent and 35.47 percent, respectively. However, trading value increased by 33.39 percent.

Overall, 478.08 million shares worth N22.51 billion were exchanged in 9,578 deals. eTranzact led trading volume, with 70.2 million shares worth N474 million traded across 30 transactions.