The Nigerian Exchange (NGX) maintained its upward trajectory on Tuesday as renewed demand for insurance and banking stocks lifted market performance, adding N254bn to investors’ wealth. This comes on the back of Monday’s bullish start to the trading week.
At the close of trading, the market capitalisation rose to N88.5tn from N88.25tn, while the All-Share Index (ASI) advanced by 401.36 points or 0.29 per cent to settle at 139,796.11 points.
Trading data showed that 659.16 million units of shares worth N12.50bn exchanged hands in 25,320 deals. This marked a 30 per cent decline in volume, value, and number of deals compared to the previous session.
Market breadth closed positive as 36 equities gained, 19 declined, and 72 remained unchanged.
On the gainers’ chart, Regency Alliance Insurance topped with a 10 per cent rise to close at N1.43 per share. It was trailed by MeCure Industries (+9.92%), E-Tranzact International (+9.73%), Daar Communications (+9.57%), and Deap Capital (+9.52%).
On the flip side, Unilever Nigeria led the laggards with a 9.79 per cent dip to N63.15 per share. Other notable losers were FTN Cocoa Processors (-9.40%), Ellah Lakes (-8.76%), Linkage Assurance (-6.85%), and Berger Paints (-6.33%).
Financial services stocks continued to dominate trading activity. FCMB Group emerged as the most traded by volume, recording 202.49 million shares worth N2.09bn. It was followed by Universal Insurance (63.14m shares, N79.39m), First HoldCo (44.23m shares, N1.34bn), Regency Alliance Insurance (30.98m shares), and AccessCorp (26.12m shares).
In value terms, GTCO led with N1.50bn, followed by First HoldCo (N1.34bn), MTNN (N800.11m), and AccessCorp (N676.41m).
Sector performance was broadly positive: the NGX Top 30 Index gained 0.32 per cent, the Insurance Index climbed 0.98 per cent, the Industrial Index rose 0.85 per cent, and the Banking Index advanced 0.43 per cent. Similarly, the Premium Index added 0.47 per cent, while the Consumer Goods Index improved by 0.28 per cent.
On a weekly basis, the market has posted a mild gain of 0.05 per cent, though it still reflects a four-week decline of 4.17 per cent. Year-to-date, however, the ASI remains firmly positive with a 35.82 per cent return, highlighting sustained investor confidence.
Analysts attributed the current rally to persistent demand in low- and mid-cap stocks, particularly in the insurance and banking subsectors, even as overall sentiment remains cautious.
Earlier, The PUNCH reported that the NGX kicked off the week on a bullish note, adding N263bn to market capitalisation as investors took positions in consumer goods and insurance stocks, notably PZ Cussons Nigeria and University Press Plc.
