Nigerian equities extended their rally on Tuesday, lifting the country’s stock market value to about US$115.3 billion as strong demand for banking and telecommunications shares drove the benchmark index to another record high.
The Nigerian Exchange (NGX) All-Share Index rose 0.53 percent to close at 244,697.62 points, adding about 834.67 billion naira in market value and pushing total capitalisation to 156.94 trillion naira.
The latest gains reflect sustained investor interest in large-cap stocks, particularly in the banking and telecoms sectors, despite mixed sentiment across the broader market.
Year-to-date returns on the index have now climbed to 57.25 percent, underscoring one of the strongest equity market performances in the region this year.
The rally was led by Airtel Africa, First HoldCo, Transcorp and Guaranty Trust Holding Company (GTCO), which were among the most actively traded and best-performing stocks of the session.
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Airtel Africa surged 10 percent, while First HoldCo gained 8.5 percent. Transcorp rose 2.2 percent and GTCO added 0.7 percent, helping to offset weakness in several mid- and small-cap stocks.
Market breadth closed slightly negative at 0.9 times, with 31 gainers compared with 34 losers, indicating that overall gains were concentrated in a limited number of heavyweight counters.
Analysts said the performance of blue-chip stocks continued to anchor the market’s upward trajectory, even as broader sector sentiment remained uneven.
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Among the top gainers were International Energy Insurance, Abbey Mortgage Bank and Infinity Trust Mortgage Bank, alongside First HoldCo and Airtel Africa.
On the decliners’ chart, stocks such as Learn Africa, Trans-Nationwide Express, Unilever Nigeria, Nigerian Aviation Handling Company (NAHCO) and Okomu Oil Palm recorded the steepest losses.
Sectoral performance was largely negative, with the consumer goods index falling 0.83 percent and industrial goods declining 0.99 percent. The oil and gas index dipped 0.14 percent, while the commodities index lost 0.71 percent.
However, gains in the banking and insurance sectors, which rose 1.33 percent and 0.24 percent respectively, provided enough support to keep the overall index in positive territory.
Trading activity showed a sharp increase in volume, which jumped more than 70 percent to 1.27 billion shares, although the number of transactions declined by 24.38 percent to 56,956 deals.
Total market turnover edged slightly lower to 57.88 billion naira.
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Sterling Financial Holdings was the most actively traded stock by volume, accounting for 715.66 million shares, while Aradel Holdings led by value with transactions worth 13.25 billion naira.
Market operators said the rally is being driven by renewed investor appetite for fundamentally strong stocks, particularly in the financial services sector, amid expectations of improved earnings and macroeconomic stability.
However, they cautioned that intermittent profit-taking and sector-specific volatility could slow the pace of gains in the short term.
Despite these risks, analysts note that the Nigerian equities market remains one of the best-performing asset classes in Africa so far this year, supported by strong liquidity flows and sustained interest in large-cap stocks.
