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After enduring a two-day downturn, the Nigerian equity market bounced back into positive territory on Tuesday, infusing investors with renewed optimism.

The market saw an influx of N165 billion, marking a stark contrast to the N2.5 trillion losses witnessed in the preceding sessions.

The Nigerian Exchange saw a modest uptick of 0.30 percent, with the benchmark index settling at 101,362.38 points, while market capitalization closed at N55.46 trillion, pushing the year-to-date gain to 35.56 percent.

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Commenting on the market’s performance, an investor, Mr. Adeola Adewale, expressed relief, stating, “It’s reassuring to see the market recover from the recent slump. It instills confidence in investors and signals resilience in our economy.”

Despite prevailing negative sentiments, 43 equities recorded gains while 11 suffered losses during the session.

Notably, mid and large-cap stocks like FBN Holdings, BUA Cement, Eterna Plc, and United Bank for Africa attracted significant buy-interest, propelling their prices upwards by notable margins.

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Conversely, Okomu Oil, Morison Industries Plc, Sterling Financial Holdings, JAPAULGOLD, and Caverton led the pack of losers with notable declines.

The banking, oil/gas, and industrial sectors experienced marginal gains, while the insurance and consumer goods sectors witnessed slight declines.

Market activity levels remained subdued, with a slight decrease in total deals and traded value. However, there was a notable increase in total traded volume.

FBN Holdings stole the spotlight as the most actively traded stock in terms of volume and value, reflecting investor interest in the company’s prospects.

Looking ahead, market analysts are cautiously optimistic, emphasizing the need for sustained positive momentum to consolidate the market’s recovery.

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