March 03, (THEWILL) — The Nigerian equities market sustained its upward trajectory on Tuesday, with key performance indicators closing firmly in positive territory despite a relatively balanced market breadth.
Market capitalisation advanced from ₦125.488 trillion at the opening bell to ₦126.198 trillion at the close of trade, reflecting a ₦710 billion gain. Similarly, the All-Share Index (ASI) climbed from 195,514.23 to 196,621.96, underscoring renewed buying momentum across select counters.
The session was characterised by selective accumulation, particularly in insurance, oil & gas, and industrial-linked equities. Market breadth closed moderately positive, with 39 gainers against 36 losers, indicating a competitive tug-of-war between bulls and profit-takers.
TOP STOCKS ON THE GAINERS LIST:
SUNUASSUR grew by 10.00 percent (from ₦4.40 to ₦4.84).
UACN 10.00 percent (opened at ₦97.00 and closed at ₦106.70).
OANDO advanced 9.96 percent (₦45.70 to ₦50.25).
SOVRENINS 9.88 percent (grew from ₦2.43 to ₦2.67).
FTGINSURE gained a total of 9.71 percent (₦1.03 to ₦1.13).
MEANWHILE, ON THE FLIP SIDE:
FG202033S6 fell -28.64 percent (fell from ₦119.12 to ₦85.00).
FIDSON -10.00 percent (fell from ₦90.00 to ₦81.00).
MECURE dipped by -9.95 percent (dropping from ₦75.85 to ₦68.30).
ALEX -9.88 percent (from ₦17.20 to ₦15.50).
MCNICHOLS -8.26 percent (₦7.63 to ₦7.00).
Heavyweight counters, including Dangote Cement, Seplat Energy, African Alliance Insurance, Stanbic IBTC Holdings, and Airtel Africa, closed flat, tempering what could have been a stronger index advance.
Investor sentiment leaned cautiously optimistic. The positive close in both market capitalisation and the ASI reflects sustained risk appetite; however, the near-even breadth suggests rotational positioning rather than broad-based conviction buying. Gains were concentrated in mid- and small-cap names, pointing to tactical positioning rather than aggressive institutional accumulation in bellwethers.
The sharp decline in FG202033S6 also indicates repositioning within the fixed income-linked instruments, possibly driven by yield recalibration dynamics.
In the near term, the market may continue to witness selective stock picking as investors balance valuation concerns with earnings expectations. If large-cap stocks begin to attract renewed inflows, the index could test higher resistance levels.
However, sustained momentum will depend on liquidity inflows, macroeconomic signals, and portfolio rebalancing ahead of upcoming corporate earnings releases.
Overall, the underlying tone remains constructive, but volatility may persist as investors lock in gains on outperforming counters.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
