The Nigerian capital market on Tuesday gained by ₦510 billion, closing at ₦39.69 trillion from ₦36.21 trillion recorded on Monday.
Consequently, the market capitalisation increased by 0.51%, making the market to hit a 15-year high.
Also, the All-Share Index (ASI) of Nigerian Exchange Ltd. (NGX) rose by 0.51% to 66,490.34 points from 66,151.38 on Monday, 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.
Among the various sectoral indices, the NGX Banking Index experienced the most significant daily gain, rising by 1.63%.
Following closely were the NGX Consumer Goods Index, with a 0.99% increase, and the NGX Industrial Index, which saw a 0.21% uptick.
Conversely, the NGX Oil and Gas Index dipped by 0.09%, and the NGX Insurance Index recorded a substantial decline of 1.56%, both attributable to investors reallocating their funds.
An analysis of the day's market activities revealed a substantial increase in trade turnover compared to the previous session, with transaction values surging by an impressive 79.18%.
Consequently, the total volume of stocks traded reached 436.95 million units, valued at ₦7.02 billion, across 7,933 deals.
This marked a significant uptick from the 311.12 million units valued at ₦3.92 billion traded in 7,193 deals on Monday.
FBN Holdings topped the activity chart with 55.15 million units valued at ₦911.21 million.
Following closely was Japaul Gold with the sale of 33.11 million units worth ₦29.92 million, while UBA transacted 30.17 million units valued at ₦41.21 million.
Market breadth closed positive, with 35 stocks appreciating in value while 32 stocks depreciated.
Champion Breweries led the pack of gainers with a remarkable 10% increase in stock value.
Conversely, Linkage Assurance led the group of 32 declining securities, with a 10% decrease in stock value.
Reacting to the performance of the market, market experts attributed this strong performance to a combination of factors.
The factors include investor sentiment influenced by macroeconomic developments such as the formation and swearing-in of the economic cabinet by President Bola Tinubu.
Additionally, movements in yields within the fixed income market played a role in shaping market dynamics.
They emphasised the importance of strategically positioning investments in fundamentally strong stocks, given the ongoing challenges posed by the weak macroeconomic environment on corporate earnings.