The Nigerian Exchange (NGX) maintained its upward trajectory on Tuesday, recording a N254 billion boost in market capitalization to N88.5 trillion from N88.25 trillion, fueled by robust interest in insurance and banking stocks. The All-Share Index climbed 0.29% or 401.36 points to close at 139,796.11, building on Monday’s gains, as reported Wednesday morning.
Trading activity saw 659.16 million shares exchanged for N12.50 billion across 25,320 deals, reflecting a 30% drop in volume, turnover, and transactions compared to the previous day. The market showed a positive breadth with 36 stocks rising, 19 falling, and 72 remaining steady. Regency Alliance Insurance led gainers with a 10% jump to N1.43 per share, followed by MeCure Industries (9.92% to N21.60) and E-Tranzact International (9.73% to N12.40). On the downside, Unilever Nigeria dropped 9.79% to N63.15, while FTN Cocoa Processors fell 9.40% to N5.40.
FCMB Group topped volume with 202.49 million shares worth N2.09 billion, trailed by Universal Insurance (63.14 million shares, N79.39 million) and First HoldCo (44.23 million shares, N1.34 billion). In value terms, GTCO led with N1.50 billion, followed by First HoldCo (N1.34 billion) and MTNN (N800.11 million). Sector performance was strong, with the NGX Insurance Index up 0.98%, the Industrial Index gaining 0.85%, and the Banking Index rising 0.43%. The Consumer Goods Index edged up 0.28%.
Despite a slight 0.05% weekly gain and a 4.17% four-week dip, the NGX boasts a year-to-date return of 35.82%, driven by demand for mid- and small-cap stocks. Analysts attribute the rally to cautious optimism, though global uncertainties linger. This follows a N263 billion gain on Monday, highlighting sustained investor confidence amid Nigeria’s economic recovery, with capital importation up 67.12% to $5.64 billion in Q1 2025, despite naira volatility (N1,527/$1) and 21.88% inflation in July.
