Nigerian Equity Market Gains 1.06% in Continued Rally

On Tuesday, the Nigerian equity market extended its rally for the second consecutive session, with the benchmark share index gaining 2,524.00 points, representing a growth of 1.06%, closing at 240,743.19 points. The total market capitalization of listed equities rose by N1.64 trillion, settling at N154.48 trillion.

This upturn was primarily driven by gains in medium and large-cap stocks, including Airtel Africa, Guaranty Trust Holding Company, and Lafarge Africa. Investor sentiment remained strongly positive, with market breadth closing at 33 advancing stocks against 23 declining stocks.

Airtel Africa led the gainers with a maximum daily price appreciation of 10%, closing at N4,358.80 per share. Other notable gainers included International Energy Insurance, Tripple Gee Company, and Cornerstone Insurance.

On the losing side, Red Star Express led the laggards with a 9.96% decline, closing at N24.85 per share. The trading volume surged by 15.74%, with a total of 564.91 billion units traded, valued at N39.35 billion across 49,230 deals.