The Nigerian Exchange (NGX) closed slightly higher on Tuesday as gains in mid-cap stocks and strong performance in exchange-traded products outweighed losses in select banking and consumer stocks.
The All-Share Index (ASI) advanced by 0.09 percent to close at 166,256.82 points, up from 166,112.50 points recorded in the previous session. The modest increase reflects cautious optimism as investors selectively added positions following Monday’s flat close.
Market Capitalisation Improves Marginally
Equity market capitalisation rose to ₦106.44 trillion, compared with ₦106.34 trillion on January 19, representing a gain of approximately ₦93.5 billion.
-
Equity Market Cap: ₦106.44 trillion vs ₦106.34 trillion
-
Bond Market Cap: ₦51.57 trillion vs ₦51.57 trillion
-
ETF Market Cap: ₦78.72 billion vs ₦75.28 billion
The continued rise in ETF capitalisation underscores sustained institutional demand for diversified investment instruments.
Trading Activity Strengthens
Market activity improved compared with the previous session, driven by increased participation in both equities and ETFs.
-
Volume Traded: 795.46 million shares vs 629.60 million shares
-
Value Traded: ₦19.98 billion vs ₦14.75 billion
-
Deals Executed: 45,410 vs 57,858
The rise in value traded points to renewed positioning in higher-priced and liquid stocks.
Deap Capital, NCR Lead Gainers
Buying interest was concentrated in selected mid-cap stocks.
-
Deap Capital Management & Trust Plc gained 10 percent to close at ₦5.39
-
NPF Microfinance Bank advanced 10 percent
-
Red Star Express Plc rose 10 percent
-
NCR Nigeria Plc extended its rally with a 9.97 percent gain
-
Morison Industries Plc closed higher by 9.97 percent
The continued strength in NCR reflects sustained momentum following its recent re-rating.
Banking and Consumer Stocks Weigh on Losers’ Table
Profit-taking was evident in parts of the banking and consumer sectors.
-
ALEX Industries Plc declined 9.95 percent
-
Jaiz Bank Plc fell 9.88 percent, reversing part of its recent gains
-
FTN Cocoa Processors Plc dropped 8.44 percent
-
UPDC Plc declined 8.06 percent
-
Caverton Offshore Support Group Plc closed lower by 5.59 percent
The pullback in Jaiz Bank followed strong gains recorded in previous sessions.
Zenith Bank, GTCO Dominate Trading by Value
Trading activity remained concentrated in financial services stocks.
-
Tantalizers Plc led by volume with 86.96 million shares
-
Zenith Bank Plc topped the value chart with trades worth ₦3.53 billion
-
Guaranty Trust Holding Company (GTCO) followed closely with ₦3.79 billion
-
NSLTech and Zichis Investments also featured prominently by volume
The dominance of Zenith Bank and GTCO reflects continued institutional participation in tier-one banking stocks.
Bonds Flat, ETFs Extend Rally
The fixed-income market remained largely flat, with no significant price movement recorded across traded instruments.
Exchange-traded products extended their rally for another session.
-
NEWGOLD surged to ₦65,000, reflecting increased demand for gold-backed instruments
-
SIAMLETF40, Stanbic ETF30, VSP Bond ETF, and MERGROWTH all closed higher
ETF market capitalisation rose to ₦78.72 billion, reinforcing the growing role of ETFs in portfolio allocation.
Market Outlook
Tuesday’s session reflects measured accumulation following recent consolidation. While equity gains remained modest, rising value traded and sustained ETF inflows indicate that investor interest remains intact.
With equity market capitalisation now above ₦106.4 trillion, near-term market direction is expected to remain selective, with attention focused on liquid banking stocks, momentum-driven mid-caps, and exchange-traded products as the market continues to test higher levels.