NGX investors gain N481bn as banking stocks lift market

Investors on the Nigerian Exchange (NGX) gained N481 billion on Tuesday as renewed demand for banking and insurance stocks pushed the equities market higher despite mixed trading activity.

Market capitalisation rose by 0.30 per cent to N159.99 trillion from N159.51 trillion recorded in the previous session, while the All-Share Index (ASI) advanced by 0.30 per cent, or 735.13 points, to close at 247,984.55 points from 247,249.42 points. The market’s year-to-date return improved to 59.36 per cent from 58.88 per cent.

The rally was driven by strong buying interest in Consolidated Hallmark Holdings Plc, which appreciated by 9.86 per cent, Trans-Nationwide Express Plc, up 9.93 per cent, and Guinea Insurance Plc, which gained 9.52 per cent.

Other notable gainers included Lasaco Assurance Plc, which led the gainers’ chart with a 10.00 per cent increase, alongside several insurance and industrial stocks that recorded positive price movements.

However, gains were moderated by losses in Mansard Insurance Plc, which shed 5.30 per cent, ABC Transport Plc, down 9.93 per cent, Jaiz Bank Plc, which declined by 5.00 per cent, while Meyer Plc emerged as the worst-performing stock after falling 9.97 per cent.

Trading activity was mixed during the session as investors exchanged 676.92 million shares, representing a 6.11 per cent increase in volume compared with the previous trading day. However, the value of transactions declined sharply by 36.32 per cent to N36.43 billion.

Access Holdings Plc topped the volume chart with 87.54 million shares traded, while HBM Holdings Plc led the value chart after transactions worth N6.83 billion.

Market breadth remained positive, with 36 stocks recording gains against 23 decliners, translating to an advancers-to-decliners ratio of 1.57.

Meanwhile, activity at the NASD Over-the-Counter (OTC) Securities Exchange closed on a bearish note as the NASD Securities Index fell by 1.60 per cent to 4,273.15 points.

Consequently, market capitalisation declined by 1.60 per cent to N2.56 trillion, while the OTC market’s year-to-date return moderated to 20.58 per cent from 22.54 per cent.

Despite the decline in prices, trading activity improved significantly as transaction volume surged by 1,000.69 per cent to 6.65 million units, while the value of trades jumped 337.32 per cent to N87.76 million across 51 deals.

SD Afriland Plc recorded a 4.47 per cent gain to emerge as the best-performing OTC stock, while SD FCWAMCO Plc lost 10.96 per cent to top the losers’ chart.

In the foreign exchange market, the naira weakened marginally at the Nigerian Foreign Exchange Market (NAFEM), depreciating by 0.24 per cent to close at N1,365.53/$.