Onome Amuge
Nigeria’s stock market sustained its upward momentum on Tuesday, as gains in NCR Nigeria and Berger Paints buoyed investor sentiment and helped lift the NGX All-Share Index (ASI) by 0.23 per cent to close at 141,761.36 points. The increase added N203.48 billion to the market’s capitalisation, which reached N89.70 trillion, while year-to-date returns climbed to 37.73 per cent.
The advance was modest but significant in the context of a market breadth that skewed negative, with 27 gainers against 32 decliners. Analysts said the performance underscored the resilience of selective buying interest in medium- and large-cap stocks, despite broader caution among retail and institutional investors.
The day’s most striking performances came from NCR Nigeria Plc and Berger Paints Plc, which emerged as the top two gainers on the exchange. NCR, the information technology and payments solutions provider, gained 10 per cent to close at N11.55 per share, up from N10.50 previously. The gain extended a run of investor interest in tech-enabled services as financial institutions and businesses deepen automation and electronic transactions amid the push for digital transformation.
Similarly, Berger Paints, one of Nigeria’s oldest and most diversified paint manufacturers, rallied 9.06 per cent to finish at N34.90 per share, compared with N32.00 at the previous close. The move reflected not just improved market sentiment toward the consumer goods sector but also renewed confidence in construction and industrial demand, particularly as the federal government pushes ahead with infrastructure projects and as housing sector reforms begin to gather pace.
Across the board, sectoral indices posted broadly positive performances, further underscoring the selective buying theme. Banking stocks advanced 0.73 per cent, buoyed by investor rotation into Guaranty Trust Holding Company (GTCO) and Zenith Bank, which together accounted for a significant portion of value turnover. The Consumer Goods index rose 0.48 per cent, supported by gains in International Breweries and Cadbury. Oil and Gas shares edged up by the same margin, 0.48 per cent, while Industrials managed a 0.09 per cent uptick.
Insurance was the sole laggard, slipping 0.18 per cent, reflecting profit-taking in LASACO and other mid-tier insurers. The Commodity sector was flat on the day.
Meanwhile, the number of deals fell sharply by 13.49 per cent to 28,845, signaling some investor hesitation. However, volume and value both rose (Up 2.33% and 10.61% respectively) to 605.70 million units and N12.90 billion.
First City Monument Bank (FCMB) dominated the volume chart with 71 million shares exchanged, accounting for nearly 15 per cent of total transactions. Veritas Kapital Assurance followed with 66 million shares, while AIICO Insurance, NSLTECH, and Mutual Benefits rounded out the top five.
On the value side, Lafarge Africa (WAPCO) led trading with N1.6 billion worth of shares changing hands, followed closely by MTN Nigeria at N1.4 billion and GTCO at N1.1 billion.
While NCR and Berger Paints stood out, other notable gainers included Beta Glass (+8.16%), Cadbury Nigeria (+8.04%), Sovereign Insurance (+7.55%), and Chams (+6.92%). Analysts said the breadth of the advances, while overshadowed by the larger number of decliners, reflected strong interest in defensive plays and companies with robust brand equity.
On the downside, Legend Internet posted the heaviest loss, shedding 10 per cent to close at N5.40. Cutix fell 8.97 per cent to N3.55, while FTN Cocoa lost 7.29 per cent amid ongoing challenges in the agricultural commodities segment. Ellah Lakes dropped 3.16 per cent, Japaul Gold retreated 1.75 per cent, and Wema Bank edged down 0.43 per cent.
Market analysts attributed the latest uptick in the NGX All-Share Index to a combination of resilient corporate earnings, opportunistic bargain-hunting, and speculative positioning by investors ahead of anticipated fiscal and monetary policy clarity. The Central Bank of Nigeria has continued to signal its commitment to stabilising inflation and exchange rate pressures, but with consumer prices still running in double digits and naira volatility persisting, risk appetite has remained selective.
The continued rally in the benchmark index also reflects investors’ willingness to bet on Nigeria’s medium-term recovery despite persistent concerns about inflation, insecurity, and fiscal imbalances. Tuesday’s performance builds on a broader rally that has seen the ASI rise more than 37 per cent year-to-date, outperforming many frontier and emerging market peers.
Looking ahead, stockbrokers said they expect sentiment to remain cautious but tilted toward resilience, with stock-picking strategies dominating. The performance of NCR and Berger Paints will likely continue to draw attention, as both companies stand at the intersection of critical structural themes in Nigeria. This is even as digital transformation in the financial and services economy, and rising demand for construction inputs amid urbanisation and infrastructure rollout continue to play dominant roles in the economy.
