Selective buying pushes NGX market value up by N917bn

The Nigerian stock market recorded a modest rebound on Tuesday as selective buying in key equities lifted overall market performance on the Nigerian exchange limited.

Data from the NGX daily trading report showed that the all-share index rose to 251,635.42 basis points from 250,204.83 recorded in the previous session.

Market capitalisation also gained N917bn to close at N161.28tn, compared to N160.36tn posted on Monday, reflecting renewed investor interest in selected large and mid-cap stocks.

Despite the positive close, market sentiment remained weak as the number of declining stocks surpassed gainers, indicating continued profit-taking across several sectors.

FTN Cocoa Processors led the gainers’ chart after appreciating by 10 per cent to close at N9.79 per share. Zichis Plc followed with a 9.97 per cent increase to N29.13, while Skyway Aviation Handling Company gained 9.79 per cent to settle at N156.95.

Caverton Offshore Support Group also advanced by 9.76 per cent to N6.75, while Japaul Gold rose by 9.73 per cent to close at N3.72 per share.

Other notable gainers included Learn Africa, ABC Transport, Livestock Feeds and The Initiates Plc, which recorded strong price appreciation during the session.

Among the banking and industrial heavyweights, BUA Cement gained N25 to close at N460 per share, while Zenith Bank and United Bank for Africa posted moderate gains.

On the losers’ table, Unilever Nigeria recorded the highest decline after shedding 10 per cent to close at N153 per share.

Transcorp Express fell by 9.92 per cent to N6.99, while Sovereign Trust Insurance lost 9.81 per cent to settle at N2.39.

McNichols Plc, Austin Laz & Company and Royal Exchange also posted significant losses amid sustained sell pressure in insurance and consumer goods stocks.

Other declining stocks included NASCON Allied Industries, Tantalizers, Nigerian Aviation Handling Company, Mansard Insurance, Guinea Insurance and Wapic Insurance.

In the banking sector, Guaranty Trust Holding Company recorded a slight decline of 0.55 per cent, while Wema Bank and Jaiz Bank also closed lower.

Meanwhile, activity in the exchange-traded funds segment reflected a mixed performance. Meristem Value ETF led the category with a 10 per cent gain to close at N168.30, while Vetiva Griffin 30 ETF and Vetiva Banking ETF also recorded strong advances.