Dangote Cement, BUA Cement Propel Nigerian Stocks 3.93% Higher

Nigerian equities witnessed a strong rally on Tuesday, with the benchmark index surging 3.93% to close at 87,971.10 points.

The positive performance was driven by gains in industrial heavyweights, particularly Dangote Cement, BUA Cement, and Zenith Bank, witnessing share value appreciation of 9.84%, 9.96%, and 2.92%, respectively.

Consequently, market capitalization saw a 3.93% uptick, reaching N48.14 trillion, driven mainly by substantial gains totaling approximately N1.82 trillion on Tuesday.

Market sentiment, as measured by market breadth, remained positive with 75 gainers against 10 losers. Berger Paints and Dangote Sugar led the gainers with a 10.0% increase in share value each, while Royal Exchange and Multiverse experienced the most significant losses, declining by 8.2% and 6.6%, respectively.

Across sub-sector gauges, all five sub-indices closed in the green zone. NGX Banking, NGX Insurance, NGX Consumer Goods, NGX Oil/Gas, and NGX Industrial Goods indexes recorded gains of 4.35%, 5.80%, 2.97%, 0.11%, and 9.72%, respectively.

Market activity analysis revealed a higher trade turnover compared to the previous session, with the value of transactions increasing by 42.94%. A total of 1.07 billion shares valued at N15.77 billion were exchanged in 14,505 deals.

Jaiz Bank emerged as the most traded security by volume, exchanging 150.64 million units worth N508.44 million, while Nascon Allied claimed the top spot in terms of value, resulting in transactions totaling N2.57 billion.