Onome Amuge

Nigeria’s stock market extended its bullish momentum on Thursday, as heavyweight consumer goods company Guinness Nigeria Plc and mid-tier services provider C&I Leasing Plc led the day’s top gainers, helping the benchmark index notch a fifth consecutive advance.

The Nigerian Exchange All-Share Index (ASI) closed 0.21 per cent higher at 140,665.84 points, with market capitalisation rising by N190 billion to N89 trillion. The performance lifted the year-to-date return to 36.66 per cent, reflecting renewed investor appetite despite subdued trading activity.

Guinness Nigeria shares rose  10 per cent to N143, adding N13 from the previous close of N130. The rally comes even  as the brewer operates under a difficult macroeconomic backdrop marked by highinflation, foreign exchange volatility, and soft consumer demand. Analysts said the move underscored investor confidence in the company’s ability to protect margins and sustain growth in a competitive beverages market.

The rise also coincided with renewed speculation about the prospects for dividend payouts and potential restructuring moves by its parent company Diageo, which in December agreed to sell its controlling stake in Guinness Nigeria to Singapore-based conglomerate Tolaram.

C&I Leasing Plc, a diversified business services group with operations in marine logistics, fleet management and outsourcing, also gained 10 per cent, rising to N6.60 from N6.00 per share. The stock’s performance stood out in a market where financials and energy names often dominate trading flows.

Investors have been watching C&I Leasing closely after the company announced plans to strengthen its balance sheet and expand service offerings in oil and gas logistics. With Nigeria ramping up offshore production and investing in maritime infrastructure, analysts said the company was well placed to benefit from rising demand for leasing and support services.

Etranzact, a payments and electronic transactions company, was the third-biggest gainer, rising 9.68 per cent to close at N13.60. The stock benefited from renewed interest in fintech names amid rising transaction volumes and continued digitisation of Nigeria’s economy.

The broader market showed positive breadth, with 41 stocks advancing compared with 12 decliners and 94 unchanged. The banking index rose 0.78 per cent, buoyed by gains in Zenith Bank, UBA and FBN Holdings, while consumer goods added 0.21 per cent. Oil and gas, industrials and commodities also recorded modest gains, though the insurance sector declined 1.16 per cent.

Trading activity was thinner than usual, with the number of deals falling 7.66 per cent to 22,935 and volume halving to 378 million units. Turnover value also slumped nearly 70 per cent to N12.41 billion.

On the activity board, Japaul Gold Ventures led by volume with 42 million shares traded, while Zenith Bank topped the value chart with N1.8 billion worth of shares exchanged. Nigerian Breweries and UBA followed, each recording N1.2 billion in value traded.

Among the losers, NEM Insurance shed 9.94 per cent to close at N28.10, while AXA Mansard lost 4.76 per cent and Computer Warehouse Group fell 4.71 per cent. Market watchers said profit-taking in insurance names, which had enjoyed strong rallies earlier in the week, contributed to the sector’s underperformance.

Despite the pullback in activity, sentiment remains upbeat, with investors continuing to favour stocks seen as resilient to Nigeria’s macroeconomic pressures. The ASI has now risen in five straight sessions, holding comfortably above the 140,000-point level after bouncing back from a brief correction last month.

Daniel Wesonga, senior sales manager at Pepperstone cautioned, however, that the rally still required firmer confirmation to establish a sustained rebound. “The optimism is evident, but the market needs more conviction, perhaps in the form of stronger earnings guidance or policy clarity, to offset the lingering headwinds of inflation, currency risk and tight monetary conditions,” he said.

For now, Guinness Nigeria and C&I Leasing’s performances have reinforced the view that investors are willing to back companies with clear strategies for scaling through Nigeria’s economic volatility. Their double-digit gains underscore the market’s appetite for both blue-chip multinationals with strong parentage and nimble local firms capitalising on sectoral growth niches.

As the bourse continues its September rally, analysts say the spotlight will remain on corporate earnings releases and policy signals from the Central Bank of Nigeria, which has aggressively tightened rates to curb inflation. According to analysts, whether the NGX can sustain its climb may hinge on whether the top gainers of this week can translate price momentum into long-term fundamentals.