NGX gains N307bn as market capitalisation rises to N159tn

The Nigerian Exchange (NGX) continued its upward trend on Tuesday, with investors injecting N307 billion into the market. This surge boosted the total market capitalization to N159.119 trillion, up from N158.812 trillion at the opening. The NGX All-Share Index also advanced by 0.19 percent, reaching 246,659.56 basis points.

The positive performance reflects sustained investor confidence in fundamentally strong equities. Buying interest was notably concentrated in the real estate, hospitality, healthcare, and industrial sectors. The market breadth closed positively, with 34 gainers outperforming 22 decliners, indicating broad-based buying activity across key segments of the exchange.

Among the top gainers, REIT and Thomas Wyatt Nigeria Plc each appreciated by 9.86 percent. Ikeja Hotel Plc saw a gain of 9.53 percent, while The Initiates Plc rose by 9.52 percent, and Neimeth International Pharmaceuticals Plc increased by 9.47 percent. Conversely, FG142027S1 led the decliners, shedding 9.98 percent, followed by Mecure Industries Plc and HMCALL Plc.

Market participants anticipate that investors will maintain a cautiously optimistic stance in the near term. They are expected to continue focusing on fundamentally sound stocks ahead of upcoming corporate disclosures. However, intermittent profit-taking may occur as traders aim to secure recent gains.