The equities market sustained a bullish run on Tuesday as investors responded to the 50 percent tariff hike passed by the National Communication Commission on Monday.
At the Nigerian Exchange (NGX), equities trading sustained its bullish momentum, driven by bargain hunting in MTN Nigeria Communication following the NCC’s approval of a 50.0 percent tariff hike for telecommunication services.
The All-Share Index (ASI) rose by 0.75 percent, closing at 103,137.99 basis points, while market capitalisation similarly increased by 0.75 percent to N63.33 trillion.
This upward movement lifted the year-to-date (YTD) return by 0.21 percent, as the market capitalisation settled higher at N63.33 trillion, delivering a N471.4 billion boost to investors’ portfolio value.
As measured by market breadth, market sentiment was positive, as 29 tickers gained relative to 27 losers. Leading the gainers’ chart were MTN Nigeria Communication, SCOA, Omatek Ventures, Universal Insurance, and Chemical and Allied Products, with their respective share prices appreciating by 10.00 percent, 9.93 percent, 9.88 percent, 8.70 percent, and 8.52 percent.
On the flip side, major decliners included Secure Electronic Technology, Abbey Mortgage Bank, SUNU Assurance Nigeria, Deap Capital Management and Trust, and C&I Leasing.
Market sentiment remained bullish, with notable sectoral gains led by Insurance, followed by Banking and Industrial Goods. Conversely, the Consumer Goods and Oil/Gas sectors recorded declines of 0.38 percent and 0.36 percent, respectively.
Trading activity saw a dip, with the number of deals, trading volume, and value declining by 5.79 percent, 66.79 percent, and 32.24 percent, respectively. A total of 440.32 million shares valued at N11.97 billion were traded across 13,087 deals.
Lasaco Assurance emerged as the most traded stock by volume, exchanging 108 million shares across 54 deals, while Seplat Energy led in value traded.
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