The Nigerian Exchange Limited sustained its upward trajectory on Tuesday, as renewed buying interest in telecom heavyweights and select financial stocks lifted the headline market indices by 0.53 per cent.
Driven by intensive position-taking, the benchmark all-share index advanced significantly to close the day at exactly 244,697.62 points. Concurrently, the total value of listed equities expanded by N830bn to settle at an impressive equities market capitalisation of N156.94tn.
Market analysts attributed the bullish momentum to portfolio rebalancing by institutional investors seeking out resilient defensive counters amid broader macroeconomic adjustments.
While the fixed income market capitalisation experienced a marginal contraction of 0.06 per cent to close at N56.74tn, investors showed strong enthusiasm in alternative windows. This was particularly evident in the Exchange Traded Products market capitalisation, which by 4.40 per cent to settle the trading day at N103.00bn.
A granular look at the day’s performance showed a highly competitive gainers’ log
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