Omatek, NGX Group, Neimeth Lead Gainers as Market Breathes Positive

The Nigerian equities market sustained its upward momentum on Tuesday with a gain of ₦226 billion as strong buying interest in medium and large-cap stocks bolstered growth.

Market capitalisation appreciated by 0.30% to close at ₦76.758 trillion, compared to ₦76.532 trillion in the previous session.

Similarly, the All-Share Index advanced by 358.60 points to settle at 121,653.93, up from 121,295.33 recorded on Monday.

Investor sentiment remained positive as the market breadth closed strong with 58 stocks posting gains against 21 decliners.

Omatek Ventures Plc, NGX Group Plc and Neimeth International Pharmaceuticals Plc emerged as key drivers of the positive trend. Omatek recorded a 10% increase to close at ₦1.10 per share. NGX Group also gained 10% to close at ₦56.10 per share while Neimeth appreciated by 9.95% to ₦9.50 per share.

Other notable performers included Champion Breweries Plc, which rose by 10% to close at ₦14.96 per share, and C&I Leasing Plc, which also gained 10% to finish at ₦6.60 per share.

On the losing side, Deap Capital Management & Trust Plc declined by 10% to close at ₦1.17 per share. ETranzact shed 9.55% to settle at ₦9.00 per share while Northern Nigeria Flour Mills lost 9.17% to close at ₦98.10 per share. Sunu Assurances Nigeria Plc and VFD Group Plc declined by 6.22% and 6.16% respectively.

Total volume traded stood at one billion shares valued at ₦19.48 billion, exchanged in 24,770 deals. This represents an increase compared to the 824.1 million shares worth ₦14.4 billion traded in 24,042 transactions in the preceding session.

Access Corporation remained the most actively traded equity with 124.25 million shares valued at ₦2.74 billion. Ja Paul Gold followed with 123 million shares worth ₦340.92 million while Mutual Benefits Assurance recorded 55.6 million shares valued at ₦77.7 million.

Universal Insurance and AIICO Insurance accounted for 54.59 million shares and 40.44 million shares valued at ₦38.3 million and ₦70.8 million respectively.

The sustained buying pressure and renewed investor confidence continue to support the bullish sentiment in the market despite mixed macroeconomic indicators.

Investors are expected to maintain cautious optimism in the near term as they position ahead of corporate earnings releases and macroeconomic policy directions.