NGX Extends Bullish Run with N254bn Gain as Banking and Insurance Stocks Drive Market
The Nigerian Exchange (NGX) sustained its bullish momentum on Tuesday, as investors’ strong interest in banking and insurance stocks lifted the market by N254 billion. The gain extends the positive streak from the previous trading session, signaling growing confidence in select equities despite cautious market sentiment.
Market capitalisation climbed to N88.5 trillion from N88.25 trillion, reflecting the N254 billion uptick, while the All-Share Index added 401.36 points, or 0.29%, to close at 139,796.11 points. Analysts noted that this rise was largely driven by sustained demand for low- and medium-capitalised stocks within the financial services sector.
Trading activity recorded a total of 659 million shares valued at N12.5 billion across 25,320 deals. Although this represented a 30% decline in volume and turnover compared to Monday, market breadth remained positive, with 36 equities appreciating, 19 declining, and 72 closing flat. Regency Alliance Insurance led the gainers, rising 10% to N1.43 per share, followed by MeCure Industries, E-Tranzact International, Daar Communications, and Deap Capital.
On the other hand, Unilever Nigeria led the losers with a 9.79% drop to N63.15 per share, trailed by FTN Cocoa Processors, Ellah Lakes, Linkage Assurance, and Berger Paints. Financial services stocks dominated trading, with FCMB Group, Universal Insurance, and First HoldCo recording the highest volumes. In terms of value, GTCO topped the chart at N1.5 billion, followed by First HoldCo, MTNN, and AccessCorp.
Performance across key market indices was broadly positive, with the NGX Top 30, Insurance, Industrial, and Banking indices all posting gains. Weekly performance showed a modest 0.05% increase, though the market still reflects a four-week decline of 4.17%. Year-to-date, however, the NGX All-Share Index has returned a robust 35.82%, highlighting continued investor confidence in the Nigerian equities market.
source: Punch