The Nigerian Exchange (NGX) closed higher on Tuesday as investors rotated into insurance stocks while maintaining significant positions in financial services equities and extended the market’s positive momentum from last week despite a decline in trading activity.
The NGX All-Share Index (ASI) advanced by 0.30 percent to close at 247,984.55, recovering from Monday’s marginal 0.05 percent decline and remaining above last week’s closing level of 247,357.40.
Equity market capitalisation rose by approximately N481.18 billion to N159.99 trillion, indicating the market’s upward trajectory after gaining 1.6 percent in the previous trading week.
A total of 676.92 million shares valued at N36.43 billion exchanged hands in 55,412 deals, compared with 637.96 million shares worth N57.20 billion traded on Monday. While trading volume improved slightly, transaction value declined significantly, suggesting Tuesday’s advance was supported by more selective buying rather than broad-based institutional accumulation.
Market leadership also shifted during the session.
After banking stocks dominated trading throughout last week and continued to attract the largest share of turnover on Monday, investors rotated into insurance counters, making the sector the strongest performer for the day.
Lasaco Assurance led the gainers with a 10 percent appreciation to N2.20, followed by Linkage Assurance, which gained 9.93 percent to N1.66.
Trans-Nationwide Express rose 9.93 percent to N3.10, while SUNU Assurances and Consolidated Hallmark Holdings (CMFC) appreciated 9.88 percent and 9.86 percent, respectively.
Selling pressure, however, persisted in selected industrial, healthcare and transport stocks.
Meyer Plc declined 9.97 percent to N16.70, while Mecure Industries extended its recent decline, shedding 9.94 percent to N56.20. ABC Transport, C & I Leasing and Haldane McCall also closed lower as investors booked profits in selected counters.
Despite the rotation into insurance stocks, financial services remained the centre of market liquidity.
Access Holdings retained its position as the most actively traded equity with 87.54 million shares, followed by FCMB Group, Chams, United Capital and Zenith Bank.
By value, Zenith Bank led the market with transactions worth N3.36 billion, ahead of Access Holdings at N2.36 billion, underscoring continued institutional participation in large-cap banking stocks.
The strong activity in FCMB Group and United Capital also reflected sustained investor interest following their recently released half-year financial results.
In the fixed-income market, trading remained selective. FGS202774 advanced 19 percent to N100.00, while FGS202702 gained 10 percent to N85.00. Most other benchmark sovereign securities closed unchanged.
The exchange-traded fund segment also recorded positive performance, led by SIAMLETF40, which gained N162.40 to close at N3,410.60. GREENWETF, STANBICETF30, VETINDETF and VETBANK also ended the session higher.
Tuesday’s trading suggests the NGX remains in a healthy consolidation phase rather than showing signs of weakening momentum. While investor leadership rotated from banking stocks to insurance counters, institutional capital continued to concentrate in financial services, particularly banking names that have dominated turnover since last week.
The moderation in transaction value points to more cautious buying, but the market’s ability to remain above last week’s close indicates that investor sentiment remains constructive as the earnings season continues.
