The Nigerian stock market staged a modest recovery on Tuesday, gaining N20 billion in market capitalisation, buoyed by renewed investor interest in consumer goods and insurance stocks.
Trading on the Nigerian Exchange Limited (NGX) saw the All-Share Index edge up by 32.64 points, or 0.03%, closing at 109,730.47 points. Meanwhile, the overall market capitalisation rose to N69.031 trillion from N69.011 trillion recorded the previous day.
The rally was largely supported by strong performances in the consumer goods and insurance sectors. The NGX Consumer Goods Index climbed by 2.5%, while the Insurance Index rose by 1.41%.
Leading the pack of gainers was Nestle Nigeria Plc, which recorded a 10% surge in share price, closing at N1,464.10 per share. Tripple Gee and Company Plc and Regency Alliance Insurance Plc also appreciated by 10% each, finishing at N2.20 and N0.66, respectively. Other notable gainers included Tantalizers Plc, which rose 9.88% to N2.78; Multiverse Mining and Exploration Plc, up 9.60% to N9.70; and John Holt Plc, which advanced by 9.42% to close at N7.55.
However, the market was not without losers. Berger Paints Nigeria Plc topped the decliners with a 9.98% drop, closing at N21.20. Mutual Benefits Assurance Plc followed with a 9.80% loss to N0.92. Other notable laggards included Associated Bus Company Plc, down 9.77% to N2.40; Aradel Holdings Plc, which fell 8.55% to N460.00; and Caverton Offshore Support Group Plc, which dipped 7.09% to N3.80.
A total of 497.06 million shares worth N13.21 billion were traded across 18,795 deals, marking a 2% increase in volume and a 16% rise in turnover, although the number of deals dropped by 24% from the previous session.
Fidelity Bank Plc led trading volumes with 60.2 million shares exchanged, followed by United Bank for Africa Plc with 36.4 million shares, Custodian Investment Plc with 35.6 million, and Tantalizers Plc with 27.6 million shares.
In terms of index performance, the Top 30 Index rose by 0.3%, the Main Board Index gained 0.08%, and the Industrial Index increased by 0.03%. The Premium Index, however, slipped by 0.07%.
Despite recent fluctuations, the market posted a one-week gain of 0.89%, a four-week rise of 5.27%, and a year-to-date return of 6.61%.
