The Nigerian Exchange (NGX) continued its bullish momentum on Tuesday, delivering fresh gains for investors as market capitalisation surged by N203 billion, closing at N89.7 trillion.
The sustained rally further solidifies the equities market’s resilience, even in the face of global economic uncertainties and local macroeconomic headwinds.
The All-Share Index (ASI) advanced by 321.59 points (0.23%) to settle at 141,761.36, compared with 141,439.77 recorded the previous day.
This brings the year-to-date return to 37.73%, underscoring equities’ strong performance despite intermittent profit-taking and a recent one-week decline of 0.6%.
Market data showed robust investor participation with 604.99 million shares, valued at N12.89 billion, traded across 28,819 deals.
This represented a 3% rise in volume and 15% increase in value, though deal count dipped by 13% compared with Monday’s session.
Despite the positive turnover, market breadth closed negative, reflecting 27 gainers against 33 losers.
Analysts interpret this as evidence of selective buying, with investors channeling funds into fundamentally strong stocks, particularly in the banking and consumer goods sectors.
Among the top gainers, NCR Nigeria led with a maximum 10% jump to close at N11.55 per share.
Skye Shelter Fund followed with a 9.99% rise to N301.55, while Berger Paints appreciated 9.06% to N34.90.
Blue-chip firms Beta Glass and Cadbury Nigeria also impressed, climbing 8.16% and 8.04% respectively.
On the losers’ chart, Legend Internet slumped by 10% to N5.40, while Secure Electronic Technology dipped 9.26% to 98 kobo.
Cutix Plc declined 8.97% to N3.55, and UAC of Nigeria fell 8.69% to N73.00.
The banking sector continued to dominate market activity. FCMB Group led the volume chart with 89.3 million shares worth N980.8 million.
It was followed by Veritas Kapital Assurance (68.5m shares), Aiico Insurance (36.2m shares), and Secure Electronic Technology (27.3m shares).
On the value side, Lafarge Africa topped with N1.63bn, followed by MTN Nigeria (N1.46bn), GTCO (N1.18bn), FCMB (N980.8m), and Zenith Bank (N608.9m).
The rally was broad-based, with most sectoral indices closing higher:
Banking Index: +0.73% (YTD: 45.33%)
Consumer Goods Index: +0.48% (YTD: 87.32%)
Oil & Gas Index: +0.48%
Pension Index: +0.37%
Main Board Index: +0.31% (YTD: 37.81%)
These gains highlight sustained investor appetite, particularly for consumer goods stocks, which have benefitted from resilient earnings and improved demand.
Market watchers attribute the current rally to renewed investor confidence, supported by strong corporate earnings, banking sector stability, and continued foreign portfolio inflows.
Speaking with our business correspondent, a Lagos-based equities analyst noted:
“Investors are rotating into value stocks with solid fundamentals.
The momentum in the consumer goods and banking sectors shows that, despite currency pressures and inflationary challenges, investors see Nigerian equities as a hedge and growth opportunity.”
The rally also aligns with the broader optimism around government reforms, which investors believe could unlock liquidity, stabilize the naira, and attract foreign capital.
Looking ahead, analysts caution that while the short-term outlook remains bullish, volatility should not be ruled out as profit-taking could set in.
Nonetheless, the NGX has maintained two consecutive sessions of growth, with Monday’s market value rising N285 billion on the back of strong performances in Julius Berger, Cutix, and insurance stocks.
Experts advise investors to stay focused on dividend-paying stocks and companies with strong fundamentals, as these remain best positioned to withstand market fluctuations.
The Nigerian stock market continues to demonstrate strength, gaining N203 billion in a single session and extending its rally despite uneven breadth.
With strong performances from banking, consumer goods, and oil & gas, coupled with foreign investor interest, equities remain an attractive play in the Nigerian investment landscape.
As reforms deepen and liquidity improves, analysts believe the NGX is on track to sustain its upward momentum, offering opportunities for both local and international investors seeking exposure to Africa’s largest economy.