The Nigerian stock market experienced a significant boost on Tuesday, with the main equity index rising 0.8 percent, adding N472 billion in value. The surge was primarily driven by the Nigerian Communications Commission's approval of a 50 percent tariff increase, which sparked heightened interest in MTN Nigeria's shares.

MTN Nigeria, a telecommunications giant and the country's second-largest company by market capitalization, saw its stock jump 10 percent to close at N256.3. This performance was particularly notable, as the company represents 8.5 percent of the market's total value.

The insurance sector emerged as the top performer among market indexes, with the NGX Insurance index improving by 1 percent. Universal Insurance and Royal Exchange Insurance were key contributors to this sector's gains.

Market dynamics revealed a mixed trading environment. While 29 stocks gained ground, 28 experienced losses, indicating a balanced yet cautious investor sentiment. The all-share index climbed to 103,138, with market capitalization reaching N63.3 trillion.

Top Performers:

1. MTN Nigeria: +10% (N256.3)

2. SCOA: +9.93% (N2.99)

3. Omatek: +9.88% (N0.89)

4. Universal Insurance: +8.70% (N0.75)

5. CAP: +8.52% (N47.75)

Notable Declines:

1. National Sports Lottery: -9.88% (N0.73)

2. Abbey Building Society: -9.09% (N3.30)

3. Sunu Assurance: -8.21% (N6.15)

4. Deap Capital: -7.08% (N1.05)

5. C&I Leasing: -6.80% (N4.10)

Investment analysts at United Capital advised investors to proceed with caution, emphasizing the importance of focusing on stocks with strong fundamentals and potential corporate actions.

Year-to-date, the market index has marginally increased by 0.2 percent, reflecting the ongoing volatility and potential opportunities in the Nigerian stock market.​​​​​​​​​​​​​​​​