Investors Gain N203bn as Stocks Extend Rally

The Nigerian Exchange extended its bullish momentum on Tuesday as investors gained N203bn, pushing the market capitalisation to N89.7tn at the close of trading.

The benchmark All-Share Index rose by 321.59 points, or 0.23 per cent, to settle at 141,761.36 compared with 141,439.77 recorded on Monday. This brought the market’s year-to-date gain to 37.73 per cent, despite posting a one-week decline of 0.6 per cent.

Trading statistics showed that a total of 604.99m shares valued at N12.89bn were exchanged in 28,819 deals. This reflected a three per cent improvement in volume and a 15 per cent rise in turnover, though the number of deals declined 13 per cent when compared with the previous session.

Market breadth closed negative with 27 gainers against 33 losers. NCR Nigeria led the gainers’ chart with a maximum 10 per cent increase to close at N11.55 per share. Skye Shelter Fund followed with 9.99 per cent to N301.55, while Berger Paints appreciated 9.06 per cent to N34.90. Beta Glass and Cadbury Nigeria advanced 8.16 per cent and 8.04 per cent to N486.00 and N62.50 per share, respectively.

On the flip side, Legend Internet topped the losers’ table, declining 10 per cent to N5.40 per share. Secure Electronic Technology fell 9.26 per cent to 98 kobo, and Cutix dipped 8.97 per cent to N3.55, while UAC of Nigeria lost 8.69 per cent to N73.00 per share.

In terms of activity, FCMB Group emerged as the most traded stock by volume with 89.3m shares worth N980.8m. It was followed by Veritas Kapital Assurance with 68.5m shares, Aiico Insurance with 36.2m shares, and Secure Electronic Technology with 27.3m shares. On the value chart, Lafarge Africa led with N1.63bn, followed by MTN Nigeria with N1.46bn, GTCO with N1.18bn, FCMB with N980.8m and Zenith Bank with N608.9m.

Performance across sectoral indices was broadly positive. The Banking Index gained 0.73 per cent, bringing its year-to-date growth to 45.33 per cent. The Consumer Goods Index appreciated 0.48 per cent, extending its impressive year-to-date return to 87.32 per cent. Similarly, the Oil & Gas Index and the Pension Index improved 0.48 per cent and 0.37 per cent, respectively. The Main Board Index added 0.31 per cent, closing with a 37.81 per cent year-to-date return.

Analysts noted that the gains were largely supported by sustained interest in banking and consumer goods stocks, reflecting renewed investor appetite for equities amid market volatility.

NGX began the week on a positive note as equities gained N285bn in market value on Monday, lifted by strong performances in Julius Berger Nigeria, Cutix, and insurance stocks.