The Nigerian stock market continued its upward trajectory on Tuesday, with the Nigerian Exchange (NGX) Limited recording a 0.53% gain. The positive performance was fueled by robust buying interest in select large and mid-cap stocks, particularly Airtel Africa and First Holdco, which helped offset declines in certain sectors.
Market Performance Overview
The NGX All-Share Index (ASI) advanced by 990.55 points to close at 244,697.62 points, up from 243,707.07 points. Market capitalization increased by N636 billion to N156.944 trillion, compared to N156.308 trillion at the previous close. Trading activity showed mixed signals: volume surged by 81.26% to 1.3 billion shares from 717.2 million shares, while traded value stood at N57.9 billion, slightly higher than N56.7 billion. However, the number of deals declined by 18.23%.
Top Gainers and Losers
Airtel Africa led the gainers, rising 10% from N3,655.70 to N4,021.20. International Energy Insurance gained 9.90% to close at N8.77 from N7.98. Abbey Mortgage Bank increased by 9.76% to N11.25, and Infinity Trust Mortgage Bank advanced 9.63% to N10.25. First Holdco climbed 8.49% from N63.60 to N69.00.
On the losing side, Learn Africa declined 10% to N9.45 from N10.50. Trans-Nationwide Express dropped 10% to N4.41 from N4.90. Okomu Oil fell 10% to N1,575.00 from N1,750.00. Unilever Nigeria also lost 10%, sliding to N140.40 from N156.00. NAHCO declined 10% to N170.55 from N189.50.
Sector Performance
Three major sectors recorded losses: the industrial goods index fell 0.99%, consumer goods dropped 0.83%, and the energy index declined 0.14%. In contrast, the banking sector gained 1.33%, and the insurance sector rose 0.24%, helping to cushion the overall market. Market sentiment was balanced, with 33 gainers and 33 decliners at the close.
Most Active Stocks
Sterling Holdings led trading activity with 715.7 million shares worth N5.4 billion. GTCO followed with 49.2 million shares valued at N6.7 billion. FCMB traded 34.4 million shares worth N412.8 million. Veritas Kapital exchanged 29.1 million shares valued at N48.0 million. Access Holdings recorded 27.3 million shares worth N680.8 million.
Capital Market Transition to T+1 Settlement
In related news, the Central Securities Clearing System (CSCS) Plc announced that Nigeria's capital market will transition to a T+1 settlement cycle starting May 29. This move aims to improve efficiency and align with global standards, coming about six months after the migration from T+3 to T+2 settlement.
