The Nigerian Exchange Limited (NGX) closed trading on Tuesday with the All-Share Index (ASI) advancing by 1.50 percent to a record 111,606.22 points—its highest level in the second quarter (Q2) of 2025.
The rally added N1.086 trillion to the equities market capitalisation, pushing it from N69.291 trillion on Monday to N70.377 trillion as market participants responded to strong momentum in select large-cap stocks and consistent appetite for high-yield equities.
Airtel Africa Plc led the gainers’ chart following a 10 percent or N215.60 increase in its share price from N2,156.90 to close at N2,372.50.
This price movement marks the telecom firm’s new 52-week high on the exchange.
The surge comes amid the company’s ongoing $100 million share buy-back programme, which is currently in its second tranche.
The programme was initially announced on December 23, 2024 with the first tranche already completed.
Airtel Africa has so far acquired 27,363,335 ordinary shares under the initiative, at a volume-weighted average price of 136.7128 GBp per share.
The strategic buy-back has strengthened investor sentiment and signalled management’s confidence in the company’s valuation, contributing to the uptrend in its stock price.
Total market activity on Tuesday included 15,992 executed deals, involving 409.57 million shares valued at N9.87 billion.
Key volume drivers included Custodian Investment Plc, Fidelity Bank Plc, Veritas Kapital Assurance Plc, Zenith Bank Plc and Access Holdings Plc.
The performance underscores investor preference for resilient mid- and large-cap stocks with consistent dividend outlooks and strategic growth initiatives.
Analysts noted that the equity market remains attractive despite macroeconomic headwinds as investors continue to seek value in fundamentally strong companies.
The NGX rally also reflects broader market optimism ahead of earnings season and continued repositioning by institutional investors. While volatility remains a factor, current levels signal robust liquidity flows and selective accumulation in critical sectors, particularly telecoms and banking.
With the NGX ASI now firmly above the 111,000 threshold, analysts anticipate further upside if investor momentum sustains, supported by stable macroeconomic signals and earnings-driven sentiment.
