Market News

By Jide Ajia

The Nigerian equities market snapped a recent bearish streak on Tuesday as the benchmark All-Share Index rose by 0.40 per cent to close at 201,287.78 points. This upward momentum pushed the year-to-date return to 29.35 per cent, translating into a significant N516bn gain in market capitalisation, which settled at N129.21tn.

The rally was primarily underpinned by sustained investor interest in select large-cap and consumer-facing stocks, providing a much-needed lift to the local bourse.

Despite the positive headline performance, market internals revealed a more cautious underlying sentiment as decliners heavily outnumbered gainers. Market breadth closed weak with only 20 stocks advancing against 49 that lost value, indicating that the index’s gain was largely concentrated in a handful of influential “bellwether” equities.

Multiverse Mining and Exploration Plc led the gainers’ list, followed by International Energy Insurance Plc and MTN Nigeria Communications Plc. Conversely, NPF Microfinance Bank Plc and Skyway Aviation Handling Company Plc were among the steepest losers of the session, reflecting a fragmented appetite among participants.

Sectoral performance mirrored this uneven landscape, with the Consumer Goods, Oil & Gas, and Industrial Goods indices recording modest gains to support the overall market trajectory.

However, the Banking and Insurance sectors faced downward pressure, declining 1.76 per cent and 2.64 per cent, respectively, as investors engaged in profit-taking and defensive positioning.

Trading activity showed signs of renewed vigour, with the value of exchanged shares surging 38.65 per cent to N35.56bn, even as the total number of deals saw a slight dip. This increase in transaction value suggests that while the broader market remains mixed, high-value institutional trades are continuing to drive the Exchange’s record-breaking momentum.