Bullish trading returned to the Nigerian Exchange Limited (NGX) on Tuesday, breaking a six-day losing streak that had dented investor confidence. The All-Share Index rose by 0.10 per cent to close at 143,763.13 points, while Market Capitalisation increased to N91.44 trillion, resulting in a N94.47 billion gain for market participants.
Analysts attributed the positive shift to a combination of profit-taking easing and recent monetary policy decisions. The Central Bank of Nigeria’s Monetary Policy Committee (MPC) had recently maintained the benchmark rate at 27 per cent, along with the Cash Reserve Ratio and Liquidity Ratio, providing stability that helped restore market sentiment.
Market breadth also turned favourable, with 26 stocks advancing compared to 20 decliners, giving a 1.3x positive ratio. Top gainers included NCR, Ikeja Hotel, Prestige Assurance, Eunisel, and Sterling Financial Holding Company, while Caverton, Union Dicon, Sunu Assurance, Lasaco, and Mansard faced declines.
Sector performance was mixed, as the banking sector led gains with a 0.56 per cent rise, consumer goods edged up slightly by 0.01 per cent, and insurance fell 0.84 per cent. Other sectors such as Oil & Gas, Industrial, and Commodity remained largely unchanged.
Despite the market rebound, overall trading activity slowed. Share volumes dropped 18.62 per cent to 556.15 million, transaction values fell 34.04 per cent to N18.71 billion, and deal count declined 18.29 per cent to 19,500 trades. Analysts at Cowry Asset Management noted that cautious institutional and retail investors continued to limit participation amid lingering risk-averse sentiment.
source: punch