Market Wrap: UNILEVER and WAPCO shine as All-Share Index gains 0.23%; PZ, TIP weigh on activity

This notable uptick pushed the index 0.23% higher to settle at 97,972.33 points, up from the previous day’s close of 97,747.27 points.

However, the upbeat momentum in price action was tempered by a sharp 19% contraction in trading activity, as market volume dropped to 333 million shares from the 413 million shares exchanged on Monday.

UNILEVER led the charge on the gainers’ chart, advancing by an impressive 10.00%, closely followed by WAPCO, also up 10.00%, and SCOA, which gained 9.94%.

Despite the day’s overall optimism, some stocks faced selling pressure, with PZ leading the decliners by shedding 9.82% and TIP following with an 8.70% drop.

In terms of activity, ACCESSCORP and JAPAULGOLD dominated the trading floor, recording the highest volumes of the day. These heavyweights reflected keen investor interest, contributing to the vibrant yet mixed dynamics of the session.

The Nigerian equities market experienced a dip in activity during Tuesday’s session, as trading volumes declined by 19%.

Meanwhile, the FUGAZ stocks—comprising FBN Holdings, UBA, GTCO, Access Holdings, and Zenith Bank—delivered mixed outcomes.

The Nigerian equities market appears to be riding on a wave of bullish momentum, fueled by sustained interest in mid- and large-cap stocks.

If this trend persists, the All-Share Index (ASI) could be on track to surpass the 98,000-point mark soon.