Nigeria’s equities market rebounded on Tuesday with a gain of N315 billion following renewed investor interest in select counters.
The market closed 0.46 percent higher, driven by bargain-hunting in companies such as Oando Plc, Transcorp Plc, Beta Glass, Chellaram, and Caverton Offshore Support Group.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) rose from 108,261.47 index points to 108,762.6 index points while the overall market capitalisation appreciated from N68.042 trillion to N68.357 trillion.
This represents the market’s first positive close for the week and raised the year-to-date return to 5.67 percent.
Oando Plc recorded a 10 percent gain, moving from N45.00 to N49.50 per share. Transcorp followed closely with a 9.99 percent increase, rising from N42.05 to N46.25.
Other top gainers included Beta Glass, which advanced by 9.96 percent from N176.70 to N194.30; Chellaram, which appreciated 10 percent from N10.40 to N11.44; and Caverton, which climbed 9.85 percent from N3.35 to N3.68.
The day’s performance was supported by gains in large and mid-cap stocks, as investors took positions in undervalued shares amid expectations of near-term recovery.
Positive sentiment also returned to the oil and gas and industrial goods sectors, contributing to the upward movement.
A total of 498,480,437 shares valued at N10.781 billion were exchanged in 14,916 transactions, reflecting strong investor participation. Tantalizers, Access Holdings, GTCO, Fidelity Bank and Nigerian Breweries were among the most actively traded stocks by volume.
The renewed buying interest came despite lingering macroeconomic concerns, with investors focusing on fundamentally sound equities with short- to medium-term growth potential.
Analysts expect cautious optimism to persist in the coming sessions, supported by corporate earnings, dividend declarations, and improving market sentiment.
Market breadth also closed positive, reflecting the dominance of gainers over losers in Tuesday’s trading session.
