Airtel, Insurance Stocks Propel Nigeria’s Market Capitalization Beyond ₦70 Trillion

he Nigerian Exchange closed on a strong positive note Tuesday, with the equities market capitalization crossing the N70 trillion threshold. This uptick was fueled by renewed investor interest in heavyweight stocks like Airtel Africa and key players in the insurance sector.

The All-Share Index rose by 1,721.29 points or 1.57%, closing at 111,606.22 basis points. As a result, the market capitalization climbed by N1.09 trillion to end at N70.38 trillion—up from N69.29 trillion in the previous session.

Airtel Africa led the rally with a 10% gain, finishing at N2,372.50 per share. Notable performances were also recorded in the insurance space, with Cornerstone Insurance and AXA Mansard posting strong gains.

Out of the 126 equities traded, 36 advanced, 21 declined, and 69 remained unchanged. Omatek Ventures rose 9.23% to N0.71, while Cornerstone Insurance gained 8.63% to N3.40. Nigerian Aviation Handling Company appreciated 8.39% to N80.75, United Property Development Company gained 6.47% to N5.10, and AXA Mansard added 5.88% to close at N9.00 per share.

On the downside, McNichols shed 9.80% to close at N2.21, followed by Computer Warehouse Group, which lost 9.50% to end at N9.05. Champion Breweries dropped 7.38% to N6.90, while Red Star Express and Jaiz Bank also posted losses of 4.62% and 4.46%, respectively.

Despite the bullish market performance, trading activity declined. Investors exchanged 409.57 million shares worth N9.87 billion in 15,992 deals—marking a 1% dip in volume, an 11% drop in value, and a 19% fall in the number of deals compared to the prior session.

Custodian Investment led trading volumes with 37.6 million shares, followed by Fidelity Bank (37 million), Veritas Kapital Assurance (33 million), and Zenith Bank (27.4 million).

Sectoral indices also reflected positive sentiment. The Insurance Index led with a 2.23% gain, trailed by the Main Board Index (2.20%), Pension Index (1.55%), Top 30 Index (1.54%), Oil & Gas Index (1.41%), and Banking Index (0.84%).

So far this year, the All-Share Index is up 8.43%. The Main Board Index has gained 10.86%, while the Pension Index has surged 16.08%.