Nigeria’s Equity Market Sees N62bn Gains As United Capital, UACN, Others Lead Charge

Nigeria’s equity market saw a modest increase on Tuesday, with a 0.11% rise driven by buy-side actions, enhancing the market value by N62 billion.

Market Performance and Key Drivers

The market experienced a boost on Tuesday as United Capital, UACN, and Cutix led the charge.

Investors in 8,151 deals exchanged 368,392,413 shares valued at N7.424 billion. United Capital recorded the highest gain, moving from N30 to N33, a 10% increase. Cutix followed, rising from N5.08 to N5.58, an improvement of 9.84%.

John Okoye, a stockbroker, commented on the market’s performance, stating, “The buy-side actions were quite strong today, with particular interest in financial and manufacturing stocks.”

Top Advancers and Their Impact

The top gainers of the day included United Capital, Cutix, and Sunu Assurances, which rose from N1.29 to N1.39, adding 7.75%.

Cornerstone increased from N1.95 to N2.10, a rise of 7.69%, while UACN went up from N14.15 to N15.20, a 7.42% gain.

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“We saw a significant uptick in these stocks, which is a positive sign for market sentiment,” noted financial analyst Grace Abayomi.

Year-to-Date and Weekly Performance

The equities market’s positive return year-to-date (YtD) has now increased to 33.84%.

Despite a marginal monthly increase of 0.02%, this week the market has seen a 0.41% rise. Active trading stocks included Zenith Bank, Access Holdings, GTCO, Jaiz Bank, and UBA.

Broader Market Indicators

At the close of trading on the Nigerian Exchange Limited (NGX), the All Share Index (ASI) and the equities market capitalisation rose from the previous day’s figures.

The ASI moved from 99,966.28 points to 100,075.59 points, while the market capitalisation increased from N56.608 trillion to N56.670 trillion.

“This upward trend reflects investor confidence in the Nigerian equities market,” said Chike Ume, an economist. “It’s encouraging to see such positive movements, especially given the global economic uncertainties.”

The Nigerian equities market’s performance on Tuesday highlights the resilience and potential for growth within the financial sector.

With key stocks showing significant gains and the market capitalisation increasing, investor sentiment remains optimistic. As trading continues, market watchers will be keen to see if this upward trajectory can be sustained.