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African Economy
Nigerian Investors Reap N129 Billion As Tech Stocks Drive Market Surge On NGX
Julius Berger
Equity investors on the Nigerian Exchange (NGX) enjoyed a substantial windfall on Tuesday, gaining approximately ₦129 billion in market value, fueled by a robust rally in technology-related stocks such as Etransact, Omatek, and Legend Internet Plc.

Construction giant Julius Berger also contributed to the market’s upward trajectory, while oil and gas firm Oando Plc continued its recovery. However, Aradel Holdings faced a sharp setback following a minor uptick last week. Trading resumed on a bullish note following the Islamic public holiday, as investors engaged in bargain hunting.

The NGX All-Share Index (ASI) climbed by 204.11 basis points to a new record close of 114,820.86, translating into a 0.18% increase. The rally extended the market’s winning streak to a fifth straight session, underscoring persistent positive investor sentiment, particularly in mid- and large-cap stocks.

Despite the gains, overall market activity declined. Total trading volume dropped by 55.36%, while the total value of transactions fell by 43.61%. Data from Atlass Portfolio Limited indicated that 652.64 million shares worth ₦18.88 billion were exchanged in 23,978 trades.

Access Holdings Plc (ACCESSCORP) led in trade volume, contributing 13.70% of total market volume. Zenith Bank (ZENITHBANK), GTCO, Fidelity Bank (FIDELITYBK), and Wapic Insurance (WAPIC) followed closely.

In terms of value, GTCO emerged as the day’s most traded equity, accounting for 17.75% of the total transaction value. Meanwhile, BERGER, DAARCOMM, and ETRANZACT topped the list of gainers, each recording a 10.00% price increase.

Other notable advancers included LEGEN DINT (+9.93%), OMATEK (+8.22%), VITAFOAM (+8.00%), ABBEYBDS (+7.53%), and FTNCOCOA (+6.67%), alongside 27 additional stocks. On the downside, 24 equities recorded losses. RTBRISCOE led the decliners with a 10.00% drop in share value.

Further laggards included BETAGLAS (-9.69%), ARADEL (-9.09%), ACCESSCORP (-4.74%), MTN Nigeria (MTNN) with a 2.88% dip, and ZENITHBANK, which slipped 0.89%.

Despite these losses, the market’s breadth remained positive, with 35 gainers outpacing 24 losers. Sector performance was mixed: the Oil & Gas sector declined by 2.84%, Insurance slipped by 0.06%, and the Industrial Goods sector edged down 0.14%.

Conversely, the Consumer Goods and Banking sectors recorded gains of 2.56% and 0.24%, respectively. The total market capitalisation rose by ₦128.72 billion to end the day at ₦72.40 trillion.
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