Banking stocks were the toast of investors on Tuesday as the Nigerian equity market reversed the previous loss.

The top five traded stocks on the local bourse at the close of trading were Guaranty Trust Holding Company with 245,459,806 units valued at N7.94bn, followed by FBN Holdings with 45,468,550 units worth N1.09bn. Access Holdings saw 42,872,090 units of its stocks traded, with a total worth of N727.95m.

United Bank for Africa saw some action as 22,451,746 units of its stocks, worth N537.74m, were traded.

Indigenous conglomerate, Transcorp Plc broke up the trend with 36,077,777 units worth N502.35m.

At the close of the day, the equity market recorded a notable uptick, with the All-Share Index appreciating by 0.35 per cent to reach 98,225.63 points, bolstering the year-to-date return to 31.36 per cent.

Similarly, the market capitalisation of listed equities also appreciated by N196bn to settle at N55.55tn.

CAP, LEARN AFRICA, NAHCO, and UAC Nigeria appreciated by 10 per cent each.

The surge in performance led to a favourable landscape, with the exchange boasting of more gainers, 28 than 18 losers, indicating an improvement in investor confidence.

The day’s trading activity painted a picture of enthusiasm, with total deals, volume, and value moving up by 7.30 per cent, 99.18 per cent, and 193.52 per cent, respectively.

This translated to a bustling market, with 552.21 million shares sold for N14.92bn in 9,350 deals.

Despite the positive sentiment in the market, there were pockets of decline, particularly in the consumer and industrial goods indices, which dipped by 0.80 per cent and 0.35 per cent, respectively.

Nonetheless, the banking, insurance, and oil & gas sectors experienced gains of 1.70 per cent, 0.15 per cent, and 1.07 per cent, respectively, underscoring the market’s resilience.