NGX market cap hits N158.96trn as ASI gains 0.77%

…YTD return rises to 58.14% as oil, insurance stocks rally

The Nigerian equities market sustained its bullish run on Tuesday, adding N1.22 trillion to investors’ wealth as strong buying interest across key sectors pushed the benchmark index higher.

The NGX All-Share Index (ASI) rose by 0.77 per cent to close at 246,082.63 points, lifting its year-to-date return to 58.14 per cent, from 56.93 per cent in the previous session.

Consequently, the total market capitalisation of listed equities increased by N1.22 trillion, from about N157.74 trillion to N158.96 trillion.

The broad-based rally was driven by renewed demand for large-cap and selected mid-cap stocks, with gains in Aradel Holdings, Nestlé Nigeria and First HoldCo helping to outweigh losses recorded in Tripple Gee, ABC Transport and Nahco.

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Aradel Holdings led the major gainers, appreciating 8.83 per cent, while Nestlé Nigeria gained 5.83 per cent and First HoldCo rose 1.17 per cent.

At the top of the gainers’ chart, FTN Cocoa Processors advanced by the maximum 10 per cent, followed by other strong performers including MC Nichols, SUNU Assurances, Sovereign Trust Insurance and Caverton Offshore Support Group.

On the decliners’ side, Tripple Gee and Company led with a 9.72 per cent decline, followed by ABC Transport, which shed 9.52 per cent, and Nahco, which dropped 9.22 per cent. Transnational Corporation and RT Briscoe were also among the notable losers.

Market breadth remained firmly positive, with 40 stocks gaining against 19 decliners, translating to a breadth ratio of about 2.1x. This indicated a strong dominance of buying…