The Nigerian Exchange Limited extended its bullish run on Tuesday as sustained buying interest in key stocks lifted total market capitalisation by N1.66tn, reinforcing positive investor sentiment in the equities market.

At the close of trading, total market capitalisation rose to N106.18tn from N104.52tn recorded in the previous session, while the All-Share Index advanced by 1.59 per cent to settle at 165,837.33 points, compared with 163,244.69 points on Monday.

Market activity showed mixed trends during the session. A total of 1.13bn shares valued at N33.54bn were traded in 49,181 deals. This represented a 2 per cent decline in trading volume and a 17 per cent drop in the number of deals compared with the previous trading day.

However, turnover improved significantly by 75 per cent, reflecting increased participation in higher-priced stocks.

In aggregate, 128 equities participated in trading, with market breadth closing strongly positive. Fifty-five stocks recorded price appreciation, while 13 equities declined, indicating broad-based buying interest across sectors.

MTN Nigeria led the gainers’ chart with a 10 per cent increase in share price to close at N605.00 per share. It was followed by PZ Cussons Nigeria, which also gained 10 per cent to close at N58.30, while E-Tranzact International advanced by 10 per cent to N18.15. Caverton Offshore Support Group rose by 10 per cent to N7.70, and DEAP Capital Management & Trust Plc gained 10 per cent to close at N3.63.

Other notable gainers included Ellah Lakes Plc, which appreciated by 9.97 per cent to close at N17.10 per share.

On the losers’ chart, Universal Insurance Company Plc led with a 6.25 per cent decline to close at N1.20 per share. Prestige Assurance Company followed with a 5.81 per cent drop to N1.62, while Regency Alliance Insurance declined by 5.17 per cent to close at N1.10. Academy Press Plc shed 5.06 per cent to close at N7.50, while Royal Exchange Plc fell by 3.98 per cent to N1.93. Austin Laz & Company Plc also closed lower, declining by 2.94 per cent to N3.96.

In terms of trading activity, Sovereign Trust Insurance Plc topped the volume chart with 344m shares traded during the session. It was followed by Access Holdings Plc with 86.2m shares, E-Tranzact International with 61.1m shares and Linkage Assurance Plc with 49.9m shares.

Analysts attributed the continued market rally to sustained demand for large-cap and fundamentally strong stocks, particularly in the telecoms and financial services sectors. They noted that the improvement in turnover despite lower volumes suggests increased investor appetite for higher-value equities.

They added that the ability of the market to sustain gains and expand market capitalisation could support confidence and encourage further participation in the equities market in the near term.

The PUNCH reported that the Nigerian Exchange Limited opened the new trading week on a positive note on Monday as strong buying interest across key stocks lifted total market capitalisation by N745bn, reflecting improved investor sentiment in the equities market.