The Nigerian Exchange (NGX) extended gains on Thursday despite weak turnover, as renewed buying interest in large-cap consumer goods and insurance stocks supported the market.
The All-Share Index (ASI) rose 0.16% to 142,263.07 points, while market capitalisation increased by ₦143.51 billion to close at ₦90.01 trillion.
Market Snapshot
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ASI: 142,263.07 (+0.16%)
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Deals: 22,779
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Volume: 325.11 million
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Value: ₦8.42 billion
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Equity Cap: ₦90.01 trillion
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Bond Cap: ₦51.15 trillion
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ETF Cap: ₦29.43 billion
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Market Cap Change: +₦143.51 billion (from ₦89.87 trillion on Sept 17 to ₦90.01 trillion on Sept 18)
Critical View: Market breadth improved slightly, but turnover value (₦8.42bn) fell sharply compared to the previous session (₦24.66bn). This indicates thin institutional flows, with gains driven more by price adjustments in key counters than by broad market participation.
Top 5 Gainers
| Symbol | Last Close (₦) | Current (₦) | Change (₦) | % Change |
|---|---|---|---|---|
| GUINNESS | 160.00 | 176.00 | +16.00 | +10.00% |
| LOTUSHAL15 | 60.00 | 66.00 | +6.00 | +10.00% |
| EUNISELL | 27.80 | 30.55 | +2.75 | +9.89% |
| REGALINS | 1.63 | 1.79 | +0.16 | +9.82% |
| THOMASWY | 2.45 | 2.69 | +0.24 | +9.80% |
Insight:
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GUINNESS led the rally, adding ₦16.00 to close at ₦176.00, driving consumer goods momentum.
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LOTUSHAL15 (Sharia-compliant index tracker) surged 10%, showing continued demand for ethical investment products.
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REGALINS and THOMASWY confirmed insurance and penny stock resilience.
Top 5 Losers
| Symbol | Last Close (₦) | Current (₦) | Change (₦) | % Change |
|---|---|---|---|---|
| FGSUK2032S5 | 102.49 | 91.00 | -11.49 | -11.21% |
| CONHALLPLC | 4.35 | 4.02 | -0.33 | -7.59% |
| TIP | 12.97 | 12.00 | -0.97 | -7.48% |
| SOVRENINS | 3.06 | 2.87 | -0.19 | -6.21% |
| OMATEK | 1.16 | 1.10 | -0.06 | -5.17% |
Insight:
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FGSUK2032S5 (sovereign FX-linked bond) posted the sharpest decline (–11.21%), reflecting rebalancing in fixed income portfolios after recent rallies.
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Declines in TIP and SOVRENINS show profit-taking in insurance and industrial small caps, balancing out earlier sector gains.
Top 5 Trades
| Symbol | Volume | Value (₦) |
|---|---|---|
| ACCESSCORP | 37,243,559 | 1,008,296,415.10 |
| ZENITHBANK | 24,269,881 | 1,604,310,806.65 |
| FIDELITYBK | 20,511,693 | 426,008,221.05 |
| NSLTECH | 19,799,348 | 15,968,102.69 |
| VERITASKAP | 14,906,988 | 32,902,828.06 |
Critical View:
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Banking stocks dominated activity, with ACCESSCORP and ZENITHBANK accounting for the bulk of turnover.
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NSLTECH and VERITASKAP showed high volumes but very low values, reflecting retail-driven speculation in penny stocks.
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Compared to Wednesday’s heavy flows in ABBEYBDS and FIDELITYBK, Thursday’s trades highlight reduced institutional depth.
Bonds Market
| Symbol | Last Close (₦) | Current (₦) | Change (₦) |
|---|---|---|---|
| ABB2026S0 | 100.00 | 100.00 | 0.00 |
| DAN2026S1TB | 100.00 | 100.00 | 0.00 |
| FG142027S1 | 75.00 | 75.00 | 0.00 |
| FG192033S1 | 100.00 | 100.00 | 0.00 |
| FG202034S2 | 111.60 | 111.60 | 0.00 |
Insight: Bond prices were flat, contrasting with the sharp movement in FX-linked sovereign bonds seen earlier in the week. This reflects steady investor confidence in naira-denominated fixed income assets.
ETFs
| Symbol | Last Close (₦) | Current (₦) | Change (₦) |
|---|---|---|---|
| VSPBONDETF | 206.00 | 208.00 | +2.00 |
| VETGOODS | 35.00 | 35.20 | +0.20 |
| MERVALUE | 200.00 | 200.00 | 0.00 |
| VETBANK | 15.25 | 15.25 | 0.00 |
| VETINDETF | 49.00 | 49.00 | 0.00 |
Critical View:
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VSPBONDETF advanced, confirming continued investor preference for fixed income ETFs.
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VETGOODS saw mild gains, reflecting selective interest in consumer goods exposure.
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Flat performance across other ETFs suggests cautious positioning by institutional investors.
Critical Summary
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Market Cap rose by ₦143.51bn, lifting equities above the ₦90 trillion threshold.
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Turnover value fell sharply (₦8.42bn vs ₦24.66bn Wednesday), revealing thin institutional support despite index gains.
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Consumer goods (GUINNESS) and ethical investments (LOTUSHAL15) led upside momentum.
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FX-linked bonds reversed sharply, dragging decliners, while penny stocks in insurance and industrials also came under pressure.
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Banking names (ACCESSCORP, ZENITHBANK) remained the liquidity drivers.
Outlook
The market continues to edge higher, but the sharp drop in trading value suggests that gains are fragile and driven by price spikes in select large-cap counters rather than broad-based buying. Unless institutional inflows return, volatility may persist, with defensive moves into bond ETFs and fixed income securities balancing equity gains.