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The Nigerian Exchange (NGX) extended its positive run on Thursday, adding ₦191.77 billion to investors’ wealth despite a negative market breadth that saw declining stocks outnumber gainers.
The modest advance was driven largely by renewed buying interest in major banking stocks, particularly First HoldCo, alongside gains in several mid-cap equities, even as profit-taking persisted across other sectors of the market.
Market Capitalisation Climbs to ₦158.29 Trillion
At the close of trading, the NGX All-Share Index (ASI) gained 0.12 per cent, rising to 245,209.34 points from 244,912.24 points recorded in the previous session.
Similarly, total market capitalisation increased from ₦158.09 trillion to ₦158.29 trillion, reflecting a ₦191.77 billion appreciation in listed equities.
The latest performance pushed the market’s year-to-date return to 57.58 per cent, although the month-to-date return remained slightly negative at -0.03 per cent, indicating that August trading has continued to witness pockets of profit-taking despite the overall bullish sentiment.
Negative Breadth Signals Selective Buying
Despite the market’s overall gain, investor sentiment remained mixed.
Market breadth closed in negative territory as 35 stocks declined, compared with 22 gainers, suggesting that the day’s advance was concentrated in a relatively small number of heavily weighted stocks rather than reflecting broad market strength.
Analysts say this pattern indicates investors are becoming increasingly selective, focusing on fundamentally strong companies while taking profits in other counters.
Eterna, AVA Capital Lead Gainers
Among the day’s top-performing stocks, Eterna Plc appreciated by 10 per cent to close at ₦36.30 per share.
It was followed by AVA Capital, which gained 9.63 per cent to settle at ₦11.95, while Legend Internet advanced 9.52 per cent to ₦4.60.
Other notable gainers included FCMB Group, which rose 8.55 per cent, and Honeywell Flour Mills, which added 7.98 per cent.
ETI, Chellaram Head Decliners
On the losing side, FTG Insurance recorded the steepest decline, shedding 10 per cent to close at ₦2.52.
Ecobank Transnational Incorporated (ETI) followed closely with a 9.99 per cent loss, while Chellaram Plc declined 9.85 per cent.
Other notable decliners included Thomas Wyatt Nigeria, which fell 9.83 per cent, and UPDC, which lost 8.45 per cent during the trading session.
Banking Stocks Continue to Drive Market Momentum
The banking sector remained the strongest performer, supported by sustained investor demand for large-cap financial stocks.
First HoldCo extended its recent rally, gaining 2.19 per cent to close at ₦140.00 per share. The stock also emerged as the market leader by value, accounting for approximately ₦5.95 billion worth of trades.
Other banking counters also posted gains, with Zenith Bank, Stanbic IBTC Holdings and Wema Bank closing higher, helping offset losses recorded in other sectors.
Trading Activity Weakens
While share prices ended higher overall, market activity slowed considerably compared with the previous session.
Total trading volume declined 35.47 per cent to 531.77 million shares, while the value of transactions fell 19.68 per cent to ₦20.46 billion.
The number of executed deals also dropped 6.83 per cent to 44,826 transactions, reflecting more cautious trading activity.
FCMB Group emerged as the most actively traded stock by volume with 131.74 million shares, while First HoldCo dominated trading by value.
Market Outlook
Thursday’s performance marked another positive session for Nigerian equities, with banking stocks continuing to provide support for the benchmark index.
However, analysts note that the persistent negative market breadth and lower trading volumes suggest that investor confidence remains uneven, with buying activity concentrated in a handful of large-cap stocks rather than spread across the broader market.
Going forward, market participants are expected to monitor corporate earnings releases, macroeconomic developments and profit-taking activities to gauge whether the current bullish momentum can be sustained through the remainder of August.
