Onome Amuge
Nigerian equities soared on Tuesday as heavyweight listings and strong gains in blue-chip counters propelled the market to one of its strongest single-day advances this quarter, lifting investor wealth by more than N1.2 trillion.
The Nigerian Exchange (NGX) All-Share Index climbed 1.20 per cent to 144,928.36 points, extending the bourse’s positive momentum and pushing market capitalisation to N92.38 trillion, a 1.41 per cent rise from the previous trading day. The expansion in market value was amplified by the listing of 181.6 million ordinary shares of Industrial and Medical Gases Plc (IMG) and a 5.38 billion additional shares of Ecobank Transnational Incorporated (ETI), which collectively added N1.29 trillion to the exchange’s capitalisation.
While the session reflected a notable contraction in overall market participation, trade volume slid 58.65 per cent to 606.25 million units and deal count dropped nearly half; transaction value soared 112.64 per cent to N39.69 billion.
The market’s advance rested heavily on strong performances from several large-capitalisation stocks, most notably Dangote Cement, which jumped 9.99 per cent to close at N588 per share, up from N534.60.
NCR Nigeria and International Breweries also staged impressive rallies, appreciating 9.98 per cent and 9.66 per cent respectively. NCR closed at N66.10 per share, while International Breweries ended the session at N11.35, buoyed by renewed investor interest in consumer-linked counters as inflation hedging strategies intensified.
Other notable gainers included Livestock Feeds, Daar Communications, and several mid-tier industrial names, contributing to a market breadth ratio of 1.4x. 27 stocks advanced compared with 20 that declined, while 100 were unchanged.
Sectoral performance was largely upbeat. The Industrial Goods Index notched the strongest gain at 4.30 per cent, driven primarily by the outsized move in Dangote Cement. Consumer Goods followed with a 1.08 per cent rise, supported by the rally in International Breweries and pockets of strength across the food and beverages space.
Banking stocks posted a 0.19 per cent gain as investors rotated into select tier-1 lenders following stable earnings guidance from the sector and sustained interest in their relatively attractive dividend yields. Insurance stocks added 0.16 per cent, while Oil & Gas ticked up 0.02 per cent in a largely muted session.
The Commodity sector was the sole laggard, closing flat amid subdued activity and persistent concerns over global commodities volatility.
Despite the broadly positive tone, several counters came under noticeable pressure. Ikeja Hotel recorded the heaviest decline, sliding 9.92 per cent to close at N28.60 from N31.75.
Legend Internet followed with a 9.91 per cent drop to N5.00 per share, while Living Trust Mortgage Bank shed 9.78 per cent to close at N3.23. Wapic Insurance and FTN Cocoa completed the list of the top five laggards, reflecting continued fragility in micro-cap sentiment despite bullish movements among large-cap counters.
The session revealed a liquidity pattern heavily concentrated in the financial sector, particularly the tier-1 banks. Access Holdings Plc dominated the volume and value charts, trading 310 million shares valued at N6.4 billion across 962 deals.
Zenith Bank followed with 40 million shares traded in 877 deals, worth N2.4 billion. Fidelity Bank exchanged 38 million shares, while Guaranty Trust Holding Company (GTCO) posted N1.7 billion in value traded across 676 deals, signalling sustained interest in the sector’s liquidity and earnings resilience.
The concentration of activity in the banking space comes amid continuing adjustments in Nigeria’s interest-rate environment, with investors closely monitoring monetary policy signals as inflation remains elevated and foreign exchange market reforms continue to shape risk appetite.
The simultaneous listing of fresh shares from IMG and ETI provided an additional lift to market capitalisation, deepening liquidity and expanding the investable universe. The ETI listing, in particular, attracted attention given its significant size and the bank’s regional footprint across West and Central Africa.
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