Equities on the Nigerian Exchange Limited (NGX) sustained positive momentum on Tuesday to close higher for the second time this week as renewed investor interest in banking and select consumer goods stocks supported market performance.
The NGX All-Share Index (ASI) inched up by 0.04 percent to settle at 105,593.28 points from 105,551.39 points it closed in the previous trading session.
Similarly, the market capitalisation rose by ₦26 billion to close at ₦66.21 trillion to reflect improved sentiment across key sectors.
The session witnessed increased buying interest in counters such as May & Baker, Etranzact, Abbey Mortgage Bank, and Consolidated Hallmark Holdings.
May & Baker gained 80 kobo, or 10 percent to close at ₦8.80 per share. Etranzact followed closely with 9.38 percent gain to close at ₦5.25 a share.
Abbey Mortgage Bank and Consolidated Hallmark Holdings also advanced by 8.86 percent and 8.79 percent respectively.
Market breadth ended positive, supported by renewed positioning in fundamentally strong stocks, particularly within the banking space.
Investors focused on tier-one lenders such as Access Holdings, UBA, Fidelity Bank, and Zenith Bank, which collectively drove volume and value.
Trading activity remained strong with 349.33 million shares exchanged in 12,450 deals, valued at ₦15.07 billion.
Access Holdings, Universal Insurance, Fidelity Bank, UBA, and Zenith Bank were the most traded stocks by volume and value, confirming the dominance of the banking sector in market turnover.
Analysts at Vetiva Research had projected bullish sentiment heading into the session, noting that attractive valuations and positive momentum in select banking and consumer stocks were likely to drive further upside, though intermittent profit-taking could moderate gains.
“Given the improved sentiment and the emergence of buying interest in key counters, we expect bullish activity to persist,” the firm said in a note to clients.
As investors continue to seek value in defensive and dividend-paying names ahead of earnings season, market participants will likely maintain focus on fundamentally sound stocks in the banking and consumer goods sectors in the near term.
With year-to-date gains still firmly in double digits, the Nigerian equity market remains attractive, underpinned by robust liquidity, institutional activity, and improving macroeconomic sentiment.
