Stanbic IBTC, Ecobank Transnational Incorporated, and the Nigerian Exchange Limited propel stock market upswing with N884 billion gain

The Nigerian equities market experienced a significant upswing on Tuesday, with investors witnessing a substantial gain of N884 billion, driven by heightened buying interest in key stocks.

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Key drivers of this positive performance included stocks such as Stanbic IBTC, Ecobank Transnational Incorporated, Nigerian Exchange Ltd., Cornerstone Insurance, and Mercure, alongside 37 other equities that recorded gains.

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Market capitalisation saw a notable increase of 0.67 per cent, rising from N131.608 trillion to N132.492 trillion, reflecting the market's overall bullish trend.

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The All-Share Index also advanced, growing by 1,372.52 points or 0.67 per cent, from 204,458.86 to 205,831.38, further underscoring the market's upward trajectory.

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As a result, the Year-to-Date return expanded to 32.27 per cent, highlighting the market's strong performance over the period.

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The market breadth closed on a positive note, with 42 gainers outpacing 21 losers, indicating a broadly favourable market sentiment.

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Stanbic IBTC and Ecobank Transnational Incorporated emerged as the top gainers, each rising by 10 per cent to settle at N161.70 and N50.60 per share, respectively.

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NGX Group, Cornerstone Insurance, and Mercure also recorded significant gains, increasing by 9.97 per cent, 9.94 per cent, and 9.92 per cent, respectively, to close at N168.75, N5.64, and N67.60 per share.

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Conversely, Fortis Global Insurance led the losers, declining by 8.20 per cent to end the session at N1.12 per share, followed closely by Mc Nichols and Academy, which lost 8.17 per cent and 6.96 per cent, respectively.

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International Energy Insurance and Guinea Insurance also recorded notable losses, falling by 6.88 per cent and 5.83 per cent, to close at N3.25 and N1.13 per share, respectively.

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An analysis of market activity revealed a 21 per cent growth in volume, accompanied by a 0.62 per cent decline in value and a 25 per cent fall in deals.

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A total of 569.3 million shares worth N32.25 billion were traded across 45,777 transactions, marking a significant shift from the 470.01 million shares valued at N32.45 billion that changed hands in 60,793 deals on the previous day.

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Access Corporation topped the activity chart in terms of volume, with 67.53 million shares worth N1.75 billion, while Zenith Bank followed closely, trading 39.74 million shares valued at N4.5 billion.

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VFD Group, Guaranty Trust Holding Company, and Lasaco Assurance also recorded substantial trading activity, with 37.61 million, 30.57 million, and 26.31 million shares traded, respectively, valued at N422.99 million, N3.79 billion, and N52.61 million.