The Nigerian Exchange (NGX) sustained its bullish momentum on Thursday as the All-Share Index (ASI) advanced by 0.21% to close at 140,665.84 points.
The equity market capitalisation rose by ₦190.13 billion to settle at ₦89.00 trillion on the back of rising positive sentiment across select blue-chip and mid-cap stocks.
Market Dynamics and Observations
1. Positive Index Movement, Weak Participation
While the benchmark index posted back-to-back gains, the transaction volume and value dipped sharply compared to the previous session.
This divergence suggests that the bullish close was driven by selective interest in high-value stocks rather than broad-based market participation.
Institutional investors appear to be focusing on a few defensive counters rather than spreading liquidity across the market.
2. Consumer Goods Sector Leadership
The day’s gainers were led by GUINNESS (+10%), indicating strong demand in the consumer goods space. This marks a shift from September 10, when industrial stocks like CHELLARAM and BERGER dominated.
The rally in GUINNESS and LIVINGTRUST reflects renewed interest in consumer-oriented equities amid expectations of earnings resilience.
3. Financials Show Mixed Sentiment
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CILEASING rebounded with a 10% gain, reversing Wednesday’s 7.69% decline.
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On the flip side, NEM Insurance sank 9.94%, leading the losers’ chart, while MANSARD dropped 4.76%.
This suggests that profit-taking in insurance stocks is ongoing, while select financial counters continue to attract bargain hunters.
4. Top Trades Signal Selective Rotation
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JAPAULGOLD topped activity by volume but with very low value (₦111.8m), showing retail-driven speculation.
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ZENITHBANK and UBA recorded significant turnover values, while NB (Nigerian Breweries) showed renewed institutional demand with ₦1.30bn in trades despite fewer units exchanged.
Compared to September 10, where ARADEL dominated by value (₦23bn), Thursday’s session showed lighter institutional flows, explaining the weaker overall transaction value.
5. Bonds Market Stagnation
Unlike the prior session where FGS202783 surged 125%, the bonds market remained flat across all instruments on September 11.
This could indicate a pause in demand for government retail instruments after Wednesday’s heavy repositioning.
6. ETF Market Resilience
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MERGROWTH ETF gained 2.19% to ₦424.00, extending strength in growth-linked instruments.
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VETBANK ETF added 2.18%, reflecting continued exposure to banking equities.
However, other ETFs like VETGOODS, VETGRIF30, and VETINDETF remained unchanged, showing that ETF investors are still highly sector-specific.
Day-to-Day Comparison (Sept 10 vs Sept 11, 2025)
| Metric | Sept 10, 2025 | Sept 11, 2025 | Movement |
|---|---|---|---|
| ASI | 140,365.36 | 140,665.84 | ▲ +0.21% |
| Market Cap | ₦88.81 trillion | ₦89.00 trillion | ▲ +₦190.13bn |
| Volume | 767.7m units | 378.2m units | ▼ -50.7% |
| Value | ₦40.64 billion | ₦12.41 billion | ▼ -69.5% |
| Deals | 24,837 | 22,935 | ▼ -7.7% |
Critical Interpretation
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The market gained value but lost depth. The rise in market capitalisation was driven by few heavily weighted gainers (e.g., GUINNESS) rather than a broad rally.
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The sharp decline in market turnover points to weaker conviction among investors, with many staying on the sidelines.
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Insurance stocks suffered sell-offs, showing sector rotation, while consumer goods gained traction.
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The ETF space showed selective resilience, with MERGROWTH and VETBANK outperforming.
Outlook
The NGX is showing fragile bullishness—index gains are not matched by strong market breadth or liquidity. Unless volume and value recover in subsequent sessions, the sustainability of this uptrend may be challenged.
Investors are advised to watch consumer goods resilience, insurance sector corrections, and institutional flows into banking equities as key indicators for market direction.