Bank stocks fuel NGX surge as market cap hits N162.68 trillion

Trading activity on the Nigerian Exchange Limited (NGX) closed on a strong note on Tuesday, driven by robust turnover in financial sector equities.

Investors traded a total of 837,217,438 equity shares in volume across 52,054 completed deals, propelling the market capitalization of listed equities up by N297.21 billion to close at N162,682,572,034,425.34 (N162.68 trillion).

The continuous buying interest expanded the benchmark NGX All-Share Index (ASI) by 457.86 points (0.18%), closing at an all-time peak of 250,614.66 points, up from Monday’s closing level of 250,156.80 points.

Market summary

• All-Share Index (ASI): Advanced to 250,614.66 points, up 0.18% from 250,156.80 points
• Market capitalisation: Reached N162.68 trillion, up from N162.39 trillion
• Market value gained: N297.21 billion
• Trading volume: 837,217,438 shares, up from 574.12 million shares
• Total deals: 52,054, down from 68,506 deals

Top 5 Gainers

At the end of the session, stock sentiment produced notable price movers across market boards

• Sovereign Trust Insurance Plc: Up 9.95% to N2.21 from N2.01.
• Critical Minerals Financing Corp Plc: Up 9.82% to N2.46 from N2.24
• Neimeth International Pharmaceuticals Plc: Up 8.90% to N7.95 from N7.30
• Cadbury Nigeria Plc: Up 8.29% to N60.10 from N55.50
• Stanbic IBTC Holdings Plc: Up 7.09% to N163.85 from N153.00

Top 5 Losers

• Multiverse Mining and Exploration Plc: Down 9.86% to N19.20 from N21.30
• Haldane McCall Plc: Down 9.39% to N2.99 from N3.30
• Champion Breweries Plc: Down 8.68% to N10.00 from N10.95
• Mutual Benefits Assurance Plc: Down 8.38% to N3.50 from N3.82
• AXA Mansard Insurance Plc: Down 6.67% to close at N11.20 from N12.00

Driving the numbers

The financial services sector served as the primary engine of volume and value growth across market tiers.

• Strong investor demand for tier-1 and tier-2 banking institutions generated 419,294,177 shares in 13,462 deals on the Main Board and 211,233,042 shares in 8,777 deals on the Premium Board.
• Turnover was spearheaded by Fidelity Bank Plc with 165,433,619 shares, Zenith Bank Plc with 105,654,024 shares, Access Holdings Plc with 62,425,101 shares, Sterling Financial Holdings Company Plc with 55,556,962 shares, and Guaranty Trust Holding Company Plc (GTCO) with 45,919,226 shares.
• This concentrated buying pressure lifted the NGX Banking Index up from 2,658.95 to 2,725.39 points.

Industrial heavyweights and technology processing firms provided additional upward momentum, though selective profit-taking in telecommunications constrained further overall index gains.

• Large-cap industrial leader Dangote Cement Plc appreciated by 1.71% to N1,068.00, propelling the NGX Industrial Index from 10,354.72 to 10,479.35 points, while Chams Holding Company Plc led ICT volume with 71,827,261 shares traded.

On the other hand, selling pressure in telecommunications giant MTN Nigeria Communications Plc, which fell by 4.49% to close at N850.00, dragged the NGX Premium Index slightly down from 31,714.33 to 31,679.41 points.

At the macroeconomic and market structure levels, steady monetary policy and broad participation sustained transaction activity.

Liquidity was predominantly focused on the Main Board, which generated 597,397,451 shares traded across 32,254 deals, while the Premium Board recorded 222,570,966 shares exchanged in 16,197 deals, reflecting broad institutional and retail capital allocation.

Sectoral performance

Across key industry sectors, banking stocks spearheaded the market’s upward trajectory:

• NGX Banking Index: Advanced significantly from 2,658.95 to 2,725.39 points.
• NGX Industrial Index: Climbed from 10,354.72 to 10,479.35 points.
• NGX Consumer Goods Index: Rose moderately from 4,082.39 to 4,085.44 points.
• NGX Oil & Gas Index: Ticked up from 6,008.86 to 6,010.75 points.
• NGX Insurance Index: Contracted from 1,102.93 to 1,081.54 points.
• NGX Premium Index: Slipped slightly from 31,714.33 to 31,679.41 points.

Top Volume Drivers

Trading volume was heavily concentrated in tier-1 and tier-2 financial institutions, alongside select tech and energy firms:

• Fidelity Bank Plc: Led the total volume chart with 165,433,619 shares traded in 834 deals.
• Zenith Bank Plc: Recorded 105,654,024 shares across 3,415 deals.
• Chams Holding Company Plc: Exchanged 71,827,261 shares across 1,748 deals.
• Access Holdings Plc: Traded 62,425,101 shares in 2,371 deals.
• Sterling Financial Holdings Company Plc: Handled 55,556,962 shares in 342 deals.
• Guaranty Trust Holding Company Plc (GTCO): Moved 45,919,226 shares in 3,328 deals.

Market Breadth

Market breadth closed on a distinctly positive note, demonstrating that buying interest was widespread across individual stock tickers rather than confined to a few heavyweights.

• A total of 36 equities recorded price appreciation, compared to 26 equities that posted price declines, yielding an advance-decline ratio of 1.38:1.
• Top gainers were led by Sovereign Trust Insurance Plc (+9.95%), Critical Minerals Financing Corp Plc (+9.82%), Neimeth International Pharmaceuticals Plc (+8.90%), Cadbury Nigeria Plc (+8.29%), and Stanbic IBTC Holdings Plc (+7.09%).
• Conversely, decliners were led by Multiverse Mining and Exploration Plc (-9.86%), Haldane McCall Plc (-9.39%), Champion Breweries Plc (-8.68%), and Mutual Benefits Assurance Plc (-8.38%).
• Sectoral index breadth revealed broad-based expansion across four out of five key industry sectors. Positive growth was registered in the NGX Banking Index (+2.50%), the NGX Industrial Index (+1.20%), the NGX Consumer Goods Index (+0.07%), and the NGX Oil/Gas Index (+0.03%).

In contrast, the NGX Insurance Index contracted from 1,102.93 to 1,081.54 points (-1.94%), driven lower by price pullbacks in underwriters such as AXA Mansard Insurance Plc (-6.67%) and Mutual Benefits Assurance Plc (-8.38%).

Beyond cash equities, multi-asset breadth reflected balanced engagement across Exchange-Traded Funds (ETFs) and fixed-income debt securities. The ETF market recorded 6 gainers and 6 losers, with top ETF performers including Stanbic IBTC ETF 30 (+10.00%), THE SIAML PENSION ETF 40 (+9.99%), and NewGold Exchange Traded Fund (+8.38%).

Meanwhile, the debt securities market recorded 8 deals totaling 49,405 units, with minor price adjustments in select Federal Government Sovereign Bonds, underlining investor participation across equities, index trackers, and debt instruments.