The Nigerian Exchange closed on a positive note on Tuesday as the stock market capitalisation surged past the N70 trillion mark, following renewed investor interest in heavyweight stocks like Airtel Africa and key players in the insurance sector.
At the close of trading, the All-Share Index rose by 1,721.29 points, representing a 1.57 per cent increase to settle at 111,606.22 basis points. This rally pushed the market capitalisation up by N1.09 trilliion to close at N70.38 trillion, compared to N69.29 trillion recorded in the previous session.
The market performance was largely driven by buying interest in Airtel Africa, which appreciated by 10 per cent to close at N2,372.50 per share, alongside gains recorded by insurance companies such as Cornerstone Insurance and AXA Mansard.
A total of 126 equities participated in trading on the floor of the Exchange. Of these, 36 closed in the green, 21 recorded losses, and 69 remained unchanged.
Omatek Ventures rose by 9.23 per cent to close at N0.71 per share, while Cornerstone Insurance gained 8.63 per cent to settle at N3.40 per share. Nigerian Aviation Handling Company rose by 8.39 per cent to close at N80.75, while United Property Development Company appreciated by 6.47 per cent to N5.10. AXA Mansard also advanced by 5.88 per cent to close at N9.00 per share.
On the flip side, McNichols led the laggards with a 9.80 per cent decline to N2.21 per share. Computer Warehouse Group followed with a 9.50 per cent drop to N9.05, while Champion Breweries declined by 7.38 per cent to N6.90. Red Star Express and Jaiz Bank recorded losses of 4.62 per cent and 4.46 per cent, respectively.
Trading activity, however, witnessed a decline despite the market’s strong positive performance. Investors exchanged 409.57 million shares worth N9.87bn in 15,992 deals. This represents a 1 per cent drop in volume, an 11 per cent decline in turnover, and a 19 per cent fall in the number of deals compared to the previous trading day.
Custodian Investment recorded the highest volume of traded shares with 37.6 million units, followed by Fidelity Bank with 37 million, Veritas Kapital Assurance with 33 million, and Zenith Bank with 27.4 million.