Nigerian Exchange Continues Its Rise with Investors Gaining 1.86 Trillion Naira

Written by: Ayman Ragab

Trading in the Nigerian stock market continued its upward trend on Tuesday, resulting in gains of 1.864 trillion naira for investors.

According to the capital market analysis of Tuesday's trading, the positive performance was driven by sustained buying interest in large and mid-cap stocks, including Zex Agro Allied Industries, Cadbury, Nigerian Aviation Handling Company (NAHCO), Eko Hotels, and Airtel Nigeria, among 49 other companies.

Nigeria Stock Exchange highs

The market capitalization rose by 1.24 percent, or 1.864 trillion naira, to close at 152.135 trillion naira, up from 150.271 trillion naira at the previous close.

Similarly, the All Share Index rose by 2905.05 points, or 1.24 percent, to close at 237083.28, compared to 234178.23 recorded in the previous session.

Thus, the year-to-date return rose to 52.35 percent, while the market breadth closed positively with 54 advancers versus 17 decliners.

Cadbury Nigeria and Chellach Grass Allied Industries topped the gainers list with 10 percent each, ending the session at N61.60 and N26.62 per share respectively.

Shares of Nigerian Aviation Handling fell by 9.99% to close at 147 naira, while shares of Dar Telecom rose by 9.94% to close at 1.99 naira, and shares of Ekja Hotel rose by 9.90% to settle at 47.20 naira per share.

On the other hand, Critical Minerals Financing Corp., Trans-Nationwide Express, and Fortis Global Insurance led the losers, falling 10 percent each to close at 3.33, 2.70, and 2.61 naira per share, respectively.

Nigerian Stock Exchange shares

Similarly, Ecobank Transnational Incorporated lost 9.98 percent to end the session at 96.80 naira, and Mercuria Industries fell 9.96 percent to end the session at 85.75 naira per share.

However, market activity declined during the session, with total trading volume falling to 493.67 million shares, valued at N28.02 billion in 49,969 deals.

Zenith Bank retained its position as the most traded stock by volume and value for the third consecutive session, recording 94.29 million shares traded.

This represents 19.11 percent of the total daily trading volume, while transactions worth 9.91 billion Naira accounted for 35.60 percent of the total traded market value.