Investors on the Nigerian Exchange Limited (NGX) gained N481 billion on Tuesday as renewed buying interest in insurance stocks triggered a market rally ahead of the July 31 insurance recapitalisation deadline.
The bullish performance, supported by gains in the insurance, consumer goods and banking sectors, lifted the market capitalisation by 0.30 per cent to N159.992 trillion, up from N159.511 trillion recorded in the previous trading session.
Similarly, the All-Share Index (ASI) advanced by 745.81 points, or 0.30 per cent, to close at 247,984.55, compared with 247,238.74 in the previous session.
The market’s year-to-date return improved to 59.36 per cent, while market breadth remained positive with 35 gainers against 24 losers, reflecting sustained investor confidence.
Insurance stocks dominated the gainers’ chart, accounting for 10 of the 35 advancing equities, as investors positioned ahead of the recapitalisation deadline.
Lasaco Assurance led the gainers with a 10 per cent appreciation to close at N2.20 per share. Trans-Nationwide Express and Linkage Assurance followed with gains of 9.93 per cent each to close at N3.10 and N1.66, respectively.
Sunu Assurance rose by 9.88 per cent to N3.56, while Critical Minerals Financing Corp. gained 9.86 per cent to close at N3.79 per share.
On the losers’ chart, Meyer fell by 9.97 per cent to close at N16.70, while Mecure Industries declined by 9.94 per cent to N56.20.
ABC Transport lost 9.93 per cent to close at N6.35, C&I Leasing dropped 8.66 per cent to N5.80, and Haldane McCall shed 8.21 per cent to close at N3.02 per share.
Trading activity also improved as investors exchanged 676.92 million shares valued at N36.43 billion in 55,412 deals.
Access Holdings Plc emerged as the most actively traded stock by volume with 87.54 million shares, representing 12.93 per cent of the total volume traded.
By value, HBM Nigeria Plc recorded the highest turnover with transactions worth N6.83 billion, accounting for 18.74 per cent of the day’s total traded value.
