The Nigerian Exchange (NGX) closed marginally lower on Tuesday as profit-taking in mid- and small-cap equities weighed on the market despite strength in select financial and commodity-linked stocks.
The All-Share Index (ASI) slipped 0.08% to 141,546.78 points, while market capitalisation dropped by ₦71.0 billion to ₦89.56 trillion.
Market Snapshot
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ASI: 141,546.78 (–0.08%)
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Deals: 25,386
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Volume: 414.98 million
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Value: ₦12.94 billion
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Equity Cap: ₦89.56 trillion
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Bond Cap: ₦51.08 trillion
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ETF Cap: ₦30.05 billion
Critical View: Trading value halved compared to Monday (₦24.08bn), underscoring weaker institutional participation. The marginal decline in ASI reflects rotation out of consumer and insurance stocks into government-backed securities and ETFs.
Top 5 Gainers
| Symbol | Last Close (₦) | Current (₦) | Change (₦) | % Change |
|---|---|---|---|---|
| FGSUK2031S4 | 73.03 | 96.93 | +23.89 | +32.71% |
| FGSUK2032S5 | 93.00 | 102.49 | +9.49 | +10.20% |
| CUSTODIAN | 40.75 | 44.80 | +4.05 | +9.94% |
| MULTIVERSE | 12.40 | 13.60 | +1.20 | +9.68% |
| ETRANZACT | 16.40 | 17.95 | +1.55 | +9.45% |
Insight:
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The rally was led by sovereign foreign bonds (FGSUK2031S4, FGSUK2032S5), which gained sharply due to strong demand for FX-linked instruments.
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CUSTODIAN extended insurance sector strength, while MULTIVERSE and ETRANZACT showed continued speculative inflows.
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The gains highlight a mixed appetite for both safety (sovereign bonds) and high-risk growth stocks.
Top 5 Losers
| Symbol | Last Close (₦) | Current (₦) | Change (₦) | % Change |
|---|---|---|---|---|
| AUSTINLAZ | 2.87 | 2.69 | -0.18 | -6.27% |
| DEAPCAP | 1.80 | 1.70 | -0.10 | -5.56% |
| FTNCOCOA | 6.20 | 5.90 | -0.30 | -4.84% |
| REGALINS | 1.82 | 1.74 | -0.08 | -4.40% |
| CHAMPION | 15.98 | 15.30 | -0.68 | -4.26% |
Insight:
Profit-taking dominated consumer goods (FTNCOCOA, CHAMPION) and insurance (REGALINS), reversing Monday’s insurance-driven rally. The losses suggest investors are locking in short-term gains in sectors that led last week’s advance.
Top 5 Trades
| Symbol | Volume | Value (₦) |
|---|---|---|
| GTCO | 32,890,425 | 3,124,875,845.85 |
| NSLTECH | 32,486,227 | 26,368,737.12 |
| UBA | 26,223,521 | 1,244,948,734.80 |
| CHAMS | 21,951,866 | 74,887,090.43 |
| REGALINS | 18,997,941 | 33,465,274.14 |
Critical View:
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GTCO drove the day’s liquidity with ₦3.12bn worth of trades, showing continued institutional exposure to Tier-1 banks.
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NSLTECH’s high volume but minimal value points to penny stock speculation, while UBA followed GTCO in banking-driven turnover.
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Insurance names (REGALINS) remained actively traded despite sector weakness, showing retail investor persistence in speculative counters.
Bonds Market
| Symbol | Last Close (₦) | Current (₦) | Change (₦) |
|---|---|---|---|
| BAU2021S1 | 100.00 | 100.00 | 0.00 |
| CSF2025S1 | 100.00 | 100.00 | 0.00 |
| EKI2020S2 | 100.00 | 100.00 | 0.00 |
| FG172045S3 | 100.00 | 100.00 | 0.00 |
| FG192053S3 | 98.38 | 98.38 | 0.00 |
Insight: Bond prices were flat across the board, contrasting with the sharp demand for foreign-denominated FGSUK bonds. This shows investors favouring FX-backed instruments over domestic bonds as a hedge against naira volatility.
ETFs
| Symbol | Last Close (₦) | Current (₦) | Change (₦) |
|---|---|---|---|
| NEWGOLD | 52,500.00 | 55,400.00 | +2,900.00 |
| MERGROWTH | 414.90 | 424.00 | +9.10 |
| VETINDETF | 47.00 | 49.00 | +2.00 |
| VETBANK | 15.00 | 15.25 | +0.25 |
| MERVALUE | 220.00 | 220.00 | 0.00 |
Critical View:
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NEWGOLD ETF (+5.5%) reflected global gold price strength as investors rotated into safe havens.
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MERGROWTH and VETINDETF showed selective demand for growth and industrial exposure, while MERVALUE remained flat.
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This divergence signals investors balancing risk between commodities, growth equities, and banking exposure.
Critical Summary
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ASI declined slightly (-0.08%), showing mild profit-taking after Monday’s 0.79% gain.
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Market turnover weakened (₦12.94bn vs ₦24.08bn Monday), confirming softer institutional inflows.
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Foreign sovereign bonds and gold ETFs led the market, reflecting hedging behaviour against FX and inflationary risks.
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Insurance and consumer stocks were mixed, with REGALINS falling despite high trade volumes, a sign of retail overexposure and sell pressure.
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Banking sector (GTCO, UBA) maintained its role as the core liquidity driver, reinforcing financials’ dominance in turnover value.
Outlook
The mixed close highlights a rotation-driven market: investors are pulling profits from consumer goods and insurance, while reallocating into FX-backed bonds, gold, and growth ETFs. Unless liquidity improves, the NGX may continue to post range-bound sessions this week with sector-specific swings.