Onome Amuge
Nigerian equities opened the week on a stronger footing, with the main benchmark index climbing for a second consecutive session as investors rotated into industrials and bank shares. The move lifted the year-to-date return on the bourse to 38.33 per cent, displaying resilience in local risk appetite even as overall market breadth remained negative.
The Nigerian Exchange All-Share Index (ASI) rose 0.17 per cent, or 244.53 basis points, to close at 142,377.56 points on Monday, pushing market capitalisation up by N154.76 billion to N90.12 trillion, levels last seen in mid-September. Gains in large-cap industrial counters, alongside renewed demand for moderately priced financial stocks, helped offset losses across consumer goods, insurance, and oil and gas names.
Leading the advancers’ chart was Thomas Wyatt Nigeria Plc (THOMASWY), which posted a maximum daily gain of 10 per cent. The paper and packaging firm has seen renewed speculative interest in recent weeks, buoyed by expectations of stronger demand from Nigeria’s publishing and FMCG sectors. Close behind was LivingTrust Mortgage Bank (+9.90%), which extended its recent rally on optimism over balance-sheet growth and improving access to affordable housing finance.
Energy player Eterna Plc (+9.86%) and aviation services group Caverton Offshore Support Group (+9.28%) were also among the top movers, highlighting rotational flows into mid-cap stocks with tangible earnings catalysts. Fidelity Bank (+8.13%), meanwhile, continued to attract retail and institutional inflows after reporting stronger-than-expected half-year results, reinforcing the banking sector’s positive tilt for the session.
Other notable gainers included Eunisell Interlinked (+7.14%) and SFS Real Estate Investment Trust, while a further 17 stocks posted smaller advances. In total, 23 stocks closed higher against 36 decliners.
Insurance underwriter AIICO Mansard Insurance (MANSARD) topped the losers’ table, shedding 10 per cent. The stock has been under pressure amid investor concerns over sector-wide underwriting margins. Julius Berger (-8.70%), one of Nigeria’s largest construction groups, also slipped, weighed down by profit-taking following a strong run earlier in September.
Ellah Lakes (-7.20%), Oando (-6.12%), FTN Cocoa (-4.36%), and Lafarge Africa (-3.04%) rounded out the biggest decliners, reflecting broad-based weakness in oil and gas, agric-commodities, and consumer-facing counters.
Performance across key indices was mixed. The industrial goods index rose 1.59 per cent, driven by gains in cement and building materials names, while the banking index advanced 0.49 per cent, lifted by strong demand for tier-one lenders such as Zenith Bank and Fidelity. By contrast, the insurance index shed 3.43 per cent, reflecting sharp losses in MANSARD and CORNERSTONE. Consumer goods (-0.58%) and oil & gas (-0.51%) also slipped, underscoring ongoing pressure on companies grappling with weak consumer spending and elevated energy costs. The commodity index was unchanged.
Despite the positive index move, overall liquidity weakened. Total volume fell 25.97 per cent to 383.95 million units, while transaction value dropped 35.64 per cent to N11.62 billion. The number of deals, however, increased 25.79 per cent to 28,114.
FBN Holdings (FIRSTHOLDCO) led in both volume and value terms, accounting for 12.42 per cent of total units traded and 12.74 per cent of overall value. The stock’s dominance reflects sustained institutional interest in Nigeria’s largest banking group by assets. Other actively traded counters included Ellah Lakes (6.39%), Veritas Kapital (5.72%), Zenith Bank (4.90%), and Chams Holdings (4.23%).
The upbeat tone at the start of the week comes despite macroeconomic headwinds. Yet, equities have held firm, supported by company-specific catalysts and a search for real returns by local institutional investors.
According to brokers at Atlass Portfolio Limited, “investors are selectively positioning in stocks with strong upside fundamentals, particularly in banking and industrials, even as weak breadth shows that profit-taking remains active across other segments.”
The rally also reflects relative optimism among domestic investors, who account for the bulk of transactions on the NGX. Foreign participation has remained muted, constrained by foreign exchange volatility and concerns over repatriation risks.
Analysts expect the market to remain volatile in the near term, with bargain-hunting in undervalued mid-caps likely to continue alongside intermittent bouts of profit-taking. The trajectory of inflation and interest rates, as well as corporate earnings updates, will remain key drivers.
