The Nigerian stock market extended its recovery on Tuesday as renewed investor demand for Airtel Africa and major banking stocks lifted market capitalisation by N834.67 billion.
Data from the Nigerian Exchange (NGX) showed the All-Share Index (ASI) rose by 0.53 per cent to close at 244,697.62 points, while market capitalisation increased from N156.11 trillion to N156.79 trillion.
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The latest gain marks the third consecutive positive trading session, reinforcing signs that the recent market correction, which wiped off about N5 trillion between June 1 and June 4, may be easing.
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The market’s year-to-date return improved to 57.3 per cent, while the month-to-date return remained negative at 2.3 per cent.
Airtel Africa emerged as the biggest driver of the rally after its share price climbed by the maximum daily limit of 10 per cent to close at N4,021.20 per share.
The stock gained N365.50 during the session, recording its strongest single-day performance since listing on the NGX.
Banking stocks also contributed significantly to the market rebound. First HoldCo advanced by 8.49 per cent to N69.00 per share, while Access Corporation gained 2.04 per cent.
GTCO, Zenith Bank and Wema Bank also recorded gains, reflecting renewed investor interest in the banking sector after recent losses.
Market activity strengthened during the session as investors traded 1.20 billion shares valued at N51.35 billion across 52,207 deals.
Sterling Financial Holdings led the volume chart with 715.66 million shares, while Aradel Holdings topped the value chart with transactions worth N13.25 billion.
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Sectoral performance was mixed. The Banking Index gained 1.3 per cent while the Insurance Index rose 0.2 per cent. However, the Industrial Goods, Consumer Goods and Oil and Gas indices closed lower.
Despite the positive outing, several stocks recorded losses. Learn Africa, Trans-Nationwide Express, Unilever Nigeria, NAHCO and Okomu Oil Palm all declined by the maximum daily limit of 10 per cent.
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The three-day recovery has restored about N1.58 trillion of the losses recorded during the recent market downturn. However, the benchmark index remains about 3.1 per cent below its all-time high of 252,508 points reached in May.
