The Nigerian Exchange Limited (NGX) closed in positive territory on Tuesday as renewed interest in consumer goods stocks propelled the All-Share Index (ASI) to 109,730.47 points.
The modest recovery added N21 billion to the market capitalisation, which settled at N68.966 trillion.
The rebound was largely supported by price appreciation in large and mid-cap equities, including Nestle Nigeria Plc, Unilever Nigeria Plc, Vitafoam Nigeria Plc, Nigerian Breweries and CAP Plc.
Nestle Nigeria led gainers with a 10% increase to close at N1,464.10 per share.
Market sentiment remained mixed as investor breadth turned slightly negative — 31 stocks appreciated while 32 posted losses. Notwithstanding the broad-based volatility, the consumer goods segment attracted significant buy-side activity.
Trading data revealed that total volume rose marginally by 0.21% to 497.06 million units, valued at N13.213 billion, across 18,795 transactions.
Fidelity Bank remained the most traded equity by volume with 60.18 million shares exchanged at a value of N1.12 billion. UBA followed closely, recording 36.39 million shares worth N1.26 billion, while Custodian Investment traded 35.64 million shares valued at N698.8 million.
Other top volume movers included Tantalizer Plc with 27.59 million shares valued at N76.44 million and United Capital with 26.74 million shares worth N496.4 million.
In its market outlook, Afrinvest Limited noted that the positive close was driven by bargain hunting in fundamentally sound consumer stocks, projecting that investor appetite may extend the rally if macroeconomic conditions remain steady.
Similarly, Vetiva Dealings and Brokerage observed that while consumer goods stocks are gaining momentum, weakness in banking and oil & gas stocks may limit broader market performance in the near term.
“The market’s direction will likely hinge on sustained interest in large-cap equities. However, without wider sector participation, upside potential may remain constrained,” Vetiva stated.
On the flip side, Berger Paints Plc led the losers with a 9.98% decline to close at N21.20. Mutual Benefits Assurance shed 9.80% to close at 92 kobo, while ABC Transport fell by 9.77% to close at N2.40. Aradel Holdings and Caverton Offshore also posted significant losses, down 8.55% and 7.09% respectively.
Despite the marginal index growth, analysts have cautioned that sustained volatility across certain sectors could pose a headwind to further market expansion. Still, consistent institutional demand in blue-chip consumer stocks remains a critical support factor for the NGX.
Investors will continue to monitor macroeconomic cues and corporate earnings reports as catalysts for positioning, particularly in the wake of the Central Bank of Nigeria’s decision to retain key monetary parameters, including the Monetary Policy Rate (MPR) at 27.5%, CRR at 50% for deposit money banks, and liquidity ratio at 30%.
