Onome Amuge

Nigeria’s equity market began the week on a bullish note, with investors adding more than N704 billion in value led by LivingTrust Mortgage Bank and eTranzact, as the NGX All-Share Index advanced 0.79 per cent to close at 141,659 basis points on Monday. The gains extended the year-to-date return to 37.6 per cent, consolidating the exchange’s position as one of Africa’s best-performing bourses in 2025.

Market capitalisation climbed to N89.63 trillion, up from N88.92 trillion at the previous close. Market breadth was positive, with 32 gainers outpacing 29 losers, and 84 stocks unchanged across 31,578 deals. Total trading volume rose 27.7 per cent to 555.1 million units, while turnover rose nearly 49 per cent to N24.1 billion.

While blue-chip names such as BUA Foods, Guaranty Trust Holding Company and Unilever Nigeria helped lift the headline index, attention on the trading floor gravitated towards LivingTrust Mortgage Bank and eTranzact International,considered mid-tier stocks. Both names recorded near-maximum daily gains, underscoring a broader investor appetite for financial services and digital platforms tied to Nigeria’s evolving consumer economy.

LivingTrust Mortgage Bank, one of Nigeria’s fast-growing mortgage lenders, saw its shares jump 9.96 per cent to close at N5.08 from N4.62. The rally extended a year of strong price appreciation, driven by growing investor conviction that Nigeria’s housing finance gap represents one of the country’s most underpenetrated growth opportunities.

The bank has been positioning itself at the intersection of mortgage lending, retail savings mobilisation and digital banking, aiming to capture a slice of the estimated 22 million housing deficit in Nigeria. Analysts say the company’s agile balance sheet and focus on niche mortgage products give it a competitive edge over larger but less flexible rivals.

Trading volumes in the lender have spiked in recent weeks, indicating institutional investors are beginning to take positions. Monday’s rally confirmed its status as one of the standout small-cap performers of the year.

eTranzact International, a pioneer in electronic payments and switching services, also featured prominently on the leader board, advancing 9.7 per cent to N16.40. Investors have been betting on the company’s ability to ride the wave of Nigeria’s accelerating digital payments adoption, driven by the CBN’s cashless policies and an increasse in fintech partnerships.

The company’s infrastructure supports mobile banking, online payments, and agency networks, placing it at the heart of Nigeria’s fast-expanding financial inclusion drive. Its share price has gained steadily over the year as quarterly results point to rising transaction volumes and improved profitability.

Analysts note that the stock’s appeal lies not only in current earnings momentum but also in its strategic positioning as larger banks and fintechs increasingly rely on third-party providers to scale digital platforms. The company has also benefitted from regulatory tailwinds. Nigeria’s payments sector, once fragmented, is consolidating under clearer guidelines from the apex bank, reducing uncertainty and allowing well-capitalised players to thrive.

The broader market’s performance reflected a mixed picture across sectors. Consumer Goods gained 3.54 per cent, buoyed by Unilever Nigeria’s 8.4 per cent advance and continued strength in BUA Foods. Banking edged up 0.05 per cent, supported by gains in Guaranty Trust Holding Company.

In contrast, Insurance slipped 0.23 per cent, dragged by profit-taking in mid-cap names despite Regal Insurance’s 9.6 per cent rally. Oil & Gas fell 0.09 per cent, reflecting cautious sentiment amid volatile crude prices and concerns over subsidy reforms. Industrial Goods and Commodities indices closed flat.

UAC of Nigeria was the most actively traded stock by volume, with 67.2 million shares exchanging hands, though the conglomerate’s price fell 8 per cent to N67.15. Geregu Power topped the value charts, recording trades worth N10.3 billion, underscoring continued institutional interest in the power sector.

The day’s biggest losers included McNichols, down 9.9 per cent to N3.55, and Honeywell Flour Mills, which fell 9.1 per cent to N20.90. Both moves reflected sharp swings typical of low-to-mid-cap stocks subject to speculative trading.

Analysts observed that market sentiment appears resilient despite macroeconomic headwinds including high inflation and naira volatility. The NGX’s strong year-to-date performance reflects a rotation into equities as a hedge against inflation, alongside renewed foreign portfolio inflows chasing high dividend yields.

For investors, Monday’s gains highlighted the dual nature of Nigeria’s equity rally. This is as established blue-chips anchored the index, while agile small and mid-caps such as LivingTrust and eTranzact delivered outsized returns.