Onome Amuge

Nigeria’s stock market sustained its upward momentum on Tuesday, with the NGX All-Share Index (ASI) edging 0.29 per cent higher to close at 139,796.11 points, extending its year-to-date gain to 35.82 per cent. The advance added N253.95 billion to total market capitalisation, lifting it to N88.45 trillion, in a session marked by selective buying but subdued trading volumes.

The latest move consolidates Monday’s rally and underscores the resilience of investor sentiment, despite lingering macroeconomic headwinds. Market breadth remained firmly positive, with 36 stocks advancing against 18 decliners and 82 closing flat. Insurance player Regency Alliance Insurance Plc (Regalins) and healthcare manufacturer Mecure Industries Plc led the charge, both posting near double-digit gains that signalled renewed investor interest in smaller-cap counters.

Shares in Regency Alliance Insurance rose by the maximum 10 per cent allowed in a single session, closing at N1.43 from N1.30. The rally made the stock Tuesday’s strongest performer on the Nigerian Exchange, reflecting both company-specific momentum and a broader uplift across the insurance sector, which rose 0.96 per cent on the day.

Regency Alliance, which offers underwriting solutions across general insurance, has been actively repositioning its portfolio in recent years. Analysts noted that renewed retail investor enthusiasm has been fuelled by expectations of stronger sectoral earnings, boosted by regulatory reforms designed to improve capital adequacy and boost confidence in the industry.

The company has also benefited from growing demand for motor and health insurance products, driven by both regulatory enforcement and a rise in consumer awareness. While its scale remains modest relative to larger insurers, its performance on Tuesday reflects the appetite for growth names that can outperform in a market dominated by heavyweight banking and industrial stocks.

Healthcare and pharmaceuticals group MeCure Industries Plc was the second-biggest gainer, climbing 9.92 per cent to close at N21.60 from N19.65. The near double-digit rise adds to a string of recent advances, as investors increasingly seek exposure to Nigeria’s healthcare sector, which is benefiting from demographic trends and rising demand for affordable medical products.

MeCure, which manufactures a broad range of pharmaceuticals and medical consumables, has been positioning itself to capitalise on supply chain localisation. With Nigeria heavily reliant on imported drugs, particularly from Asia, the government has prioritised domestic pharmaceutical production in recent policy discussions. Market observers note that this policy tailwind has improved investor sentiment around firms like Mecure.

The company has also expanded its footprint in diagnostics and clinical services, aligning with Nigeria’s growing demand for accessible healthcare solutions. Analysts argue that its diversified model makes it a compelling mid-cap option for investors seeking growth exposure outside the financial services sector.

Other top performers included fintech operator ETranzact International Plc, which gained 9.73 per cent to N12.40, and media group DAAR Communications Plc, up 9.72 per cent to N0.79. Smaller-cap stock Deap Capital Management & Trust Plc also featured among the leaders, advancing 9.62 per cent to N0.57.

By contrast, consumer goods giant Unilever Nigeria Plc led the laggards, falling 9.79 per cent to N63.15. Cocoa processor FTN Cocoa Processors Plc dropped 9.40 per cent to N5.40, while agricultural group Union Dicon Salt (Ellah Lakes) declined 8.76 per cent to N13.02. Paints maker Berger Paints Plc and insurer Linkage Assurance Plc also recorded losses.

Sectoral performance was mixed. Banking stocks advanced 0.43 per cent, supported by Tier-1 lenders ahead of expected interim dividend declarations. Consumer goods added 0.28 per cent, while industrials gained 0.85 per cent. However, oil and gas names slipped by 0.05 per cent, reflecting volatility in global crude markets, while commodities were unchanged.

Despite the headline gains, trading activity was muted. Total transaction volume fell by 30.46 per cent to 659.17 million units, while turnover value slid 30.39 per cent to N15.51 billion. The number of deals executed dropped by nearly a third to 25,334.

First City Monument Bank (FCMB) dominated both the volume and value charts, trading 202 million shares worth N2 billion across 465 deals. Universal Insurance followed with 63 million shares, while First Bank Holdings recorded 44 million shares valued at N1.3 billion. Guaranty Trust Holding Co. (GTCO) also remained active, with N1.5 billion worth of shares changing hands in 1,172 trades.

The subdued trading activity reflects a cautious undertone among institutional investors, even as retail participants continued to drive momentum in small- and mid-cap counters. Analysts expect near-term direction to hinge on further corporate earnings releases and the trajectory of macroeconomic indicators, including inflation and exchange rates.

Tuesday’s gains reaffirmed investor appetite for select growth names in Nigeria’s equities market, even against a backdrop of global uncertainty and domestic economic challenges. With Regency Alliance Insurance and Mecure Industries leading the advance, the session highlighted the role of under-the-radar sectors such as insurance and healthcare in driving incremental market gains. For now, the NGX’s 35.82 per cent year-to-date gain leaves Nigeria among the stronger-performing emerging markets in 2025.