MTNN, Vitafoam, Livestock Drive NGX Rally as Investors Gain N99.15bn Despite Mixed Market Sentiment

The Nigerian equities market extended its recovery streak on Wednesday, June 10, 2026, as select heavyweight stocks including MTN Nigeria, Vitafoam, Livestock Feeds, and Oando powered another positive close. Despite widespread caution across several sectors, investors collectively gained N99.15 billion as the market maintained its fourth consecutive session of growth on the Nigerian Exchange (NGX).

The NGX All-Share Index (ASI) inched up by 0.06% to close at 244,852.21 points, while market capitalisation rose in the same proportion to N157.04 trillion. Although the gain was modest compared to Tuesday’s strong rebound, it signaled continued investor participation following last week’s sharp market correction.

Market data revealed a mixed trading environment, with 30 gainers and 36 losers reflecting negative market breadth. However, buying interest in fundamentally strong stocks helped sustain the upward trend, with MTNN, Vitafoam, and Livestock Feeds standing out as key drivers of market performance.

Livestock Feeds led the gainers’ chart with a 10% surge, followed closely by Abbey Mortgage Bank, Deap Capital Management, and Vitafoam, which extended its rally above its previous 52-week high. On the flip side, stocks such as Neimeth International Pharmaceuticals and International Energy Insurance posted steep declines, highlighting ongoing profit-taking in the market.

Overall market activity remained robust, with over 1.23 billion shares traded in 54,193 deals. Sterling Financial Holdings dominated trading volume, while Aradel Holdings led in value terms. Analysts note that while investor confidence is gradually returning after early June losses, the uneven market breadth suggests the recovery is still selective rather than broad-based.

source: nairametrics