Investors on the Nigerian Exchange (NGX) enjoyed another strong session on Tuesday as a sustained year-end rally pushed the market higher, delivering fresh gains of ₦578 billion.
The upbeat close marked the ninth consecutive day of gains, with renewed buying interest in several stocks driving the market deeper into positive territory. Heavyweights and mid-cap equities such as Aluminium Extrusion Industries, Austinlaz, Custodian Investment, First Holding Company and FTN Cocoa Processors were among the standout performers.
Market capitalisation rose by ₦578 billion, or 0.59 per cent, from ₦97.193 trillion at the opening of trade to ₦97.771 trillion at the close. In the same vein, the All-Share Index climbed by 895.07 points, representing a 0.59 per cent increase, to finish at 153,354.14, compared with 152,459.07 recorded on Monday.
With the latest advance, the market’s year-to-date return improved to 48.99 per cent, reinforcing the strong performance recorded so far this year. Market breadth also closed positive, with 29 gainers against 27 losers.
Aluminium Extrusion Industries topped the gainers’ chart after rising by 9.96 per cent to close at ₦14.90. Austinlaz followed closely with a 9.81 per cent increase to ₦2.91, while Custodian Investment added 9.69 per cent to settle at ₦38.50 per share.
First Holding Company advanced by 9.35 per cent to close at ₦50.30, while FTN Cocoa Processors appreciated by 8.74 per cent, ending the session at ₦5.10 per share.
On the flip side, Royal Exchange led the decliners, shedding 7.22 per cent to close at ₦1.80. Champion Breweries fell by 6.57 per cent to ₦15.65, while National Salt Company dropped by 5.36 per cent to ₦105.05 per share.
Sovereign Trust Insurance declined by 5.28 per cent to ₦3.77, and Japaul Gold eased by 4.51 per cent to close at ₦2.33.
In trading activity, VFD Group posted the highest volume, with 191.97 million shares exchanged, while GTCO recorded the highest value of trades at ₦5.59 billion.
Commenting on the sustained rally, Vice President of Highcap Securities, Mr David Adonri, said the market’s performance was in line with global year-end trends, often referred to as the “Santa Claus Rally.”
“This is a global phenomenon, though there are deviations in some years,” Adonri said.
He explained that the ongoing rally was being supported by strategic positioning by investors ahead of year-end.
“What we see now is that a lot of portfolio managers are rebalancing their portfolios while demand is being orchestrated.
“Also, a lot of investors are currently taking position to align themselves to benefit from the year-end distributions by companies,” he added. (NAN)
