The ASI rose by 0.51 per cent to 66,490.34 points from 66,151.38 the previous day, surpassing the highest value of 66,371.20 recorded on the Exchange on March 5, 2008.
This performance was in part, attributed to a surge in banking stocks as investors strategically positioned themselves, taking advantage of the recent record earnings posted by banks. Consequently, market capitalisation increased by 0.51 per cent to close at N39.69 trillion from N36.21 trillion recorded on Monday.
This meant that investors gained N510 billion in two trading sessions. Among the various sectoral indices, the NGX Banking Index experienced the most significant daily gain, rising by 1.63 per cent. Following closely were the NGX Consumer Goods Index, with a 0.99 per cent increase, and the NGX Industrial Index, which saw a 0.21 per cent uptick. Conversely, the NGX Oil/Gas Index dipped by 0.09 per cent, and the NGX Insurance Index recorded a substantial decline of 1.
An analysis of Tuesday’s market activities revealed a substantial increase in trade turnover compared to the previous session, with transaction values surging by an impressive 79.18 per cent. Consequently, the total volume of stocks traded reached 436.95 million units, valued at N7.02 billion, across 7,933 deals.
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