The market capitalisation of the Nigerian stock market rose by 1.64 per cent or more than N580.22 billion on Tuesday, representing a significant gain in value.
The market capitalisation increased as a result of the spike, rising from N35.17 trillion to N35.75 trillion.
An important gauge of market health, the All-Share Index, closed at 65,669.29 points, continuing its recent positive trend. It was getting close to the record-breaking 66,162.17 points set in February 2008.
The All-Share Index saw a remarkable increase of 1,065.6 basis points from its closing value of 64,603.69 points the day before, according to statistics from the Nigerian Exchange Limited (NGX). The strong result illustrated how the market was feeling generally optimistic.
However, compared to the previous session, trading activity on Tuesday saw both a drop in volume and value. 8,922 transactions involving a combined 844.71 million shares for N9.41 billion were completed.
This was less trading activity than the previous day when 14,584 trades totalling 1.83 billion shares worth N22.03 billion were completed.
Several businesses had big increases among the individual stocks. Sovereign Insurance's share price impressively increased by 10%, going from N0.50 to N0.55 per share. With its share price rising from N0.60 to N0.66 kobo, Omatek also had a 10% gain.
During the trading day, the share prices of Chellaram, FTN Cocoa, and Transcorp Hotel all increased, demonstrating strong performance.
The market also had decliners, on the other side. Consolidated Hallmark Insurance's share price decreased from N1.30 kobo to N1.17 kobo, a depreciation of N0.13 kobo.
Champion Brew's share price dropped by N0.43 kobo, closing the day at N3.92 kobo, compared to its beginning price of N4.35 kobo.
When compared to its prior share price of N0.75 kobo, McNichols saw a loss of 9.33 per cent, selling for N0.68 kobo.
PZ saw a loss of N2.05, concluding the trading day at N19.95 per share compared to the previous day's closing price of N22 per share.
UPDC REIT also saw a decline in the value of its shares, which went from N3.80 kobo to N3.45 kobo after losing N0.35 kobo during the trading session.
With 91.71 million shares exchanged, worth N117.14 million, Chams led out in terms of trading volume and value. A volume of 78.67 million shares worth N551.89 million were traded by FCMB.
Investors traded 75 million shares of Universal Insurance for a total of N22.95 million. On UBA's platform, 55.11 million shares were traded for a total of N795.32 million.
Transcorp said that investors exchanged 51.16 million shares worth a total of N245.13 million.
Overall, the Nigerian stock market saw strong growth, with both the All-Share Index and market capitalisation rising significantly.
Even though trading volume dropped from the day before, the upbeat mood and substantial gains in several companies demonstrated the market's resiliency and promise.