Nigeria’s equities market extended its positive trajectory on Tuesday as investor interest in fundamentally strong stocks pushed the Nigerian Exchange Limited (NGX) market capitalisation to ₦75.576 trillion.
The All-Share Index (ASI) also advanced by 1.02 percent to close at 119,790.82 points, up from the previous day’s 118,579.65 points.
The year-to-date (YTD) return on the NGX now stands at +16.38 percent with a Month-to-Date (MtD) gain of 7.20 percent. The sustained rally is driven by renewed buying pressure on high-performing equities like Okomu Oil Palm, Beta Glass, Dangote Sugar Refinery, Champion Breweries and UPDC.
Okomu Oil Palm Plc led Tuesday’s gainers’ chart with a 10 percent increase as its share price rose from ₦680 to ₦748, adding ₦68. Beta Glass followed with a 10 percent gain, moving from ₦303.60 to ₦333.95.
Dangote Sugar Refinery also gained 10 percent, climbing from ₦40 to ₦44 per share.
Other notable movers included Champion Breweries, which appreciated by 9.98 percent from ₦9.02 to ₦9.92 and UPDC, which gained 10 percent to close at ₦3.30 from ₦3.00.
According to analysts at CardinalStone Research, while there are no dividend mark-downs scheduled this week, “investors are closely tracking dividend-related activity—both announcements and sentiment shifts—as well as earnings momentum.”
Market breadth remained strong, with increased volume and value of trades. On Tuesday, a total of 868.68 million shares valued at ₦23.71 billion were exchanged in 22,207 deals, indicating heightened investor participation.
Among the most actively traded stocks were LivingTrust Mortgage Bank, Royal Exchange, Fidelity Bank, Access Holdings and Zenith Bank.
The market’s bullish sentiment is further supported by corporate actions and dividend announcements. At its 16th Annual General Meeting held on Monday, June 23, shareholders of Dangote Cement Plc approved a dividend payout of ₦30 per share for the financial year ended December 31, 2024.
With 16.87 billion shares outstanding, the total dividend payout amounts to approximately ₦506 billion, one of the largest in Nigeria’s corporate history. The company’s share price remained stable at ₦440 per share.
Despite recent profit-taking observed in the banking and telecom sectors, analysts at Vetiva Research noted that investor positioning has become more rotational with sustained interest in consumer goods and industrial stocks.
“With the ASI sustaining its upward momentum and key sectors continuing to attract inflows, the market appears primed for another session of measured optimism,” Vetiva stated in its June 23 post-trading note.
Investor sentiment has remained resilient despite macroeconomic uncertainties, buoyed by corporate earnings, dividend declarations, and reforms targeting capital market stability.
As the NGX continues to attract retail and institutional flows, particularly in value-driven counters, market observers anticipate moderate volatility with opportunities for selective accumulation across key sectors.
