Equities rebound as insurance, blue chips lift NGX by N1.09trn

Nigerian stock market staged a strong rebound on Tuesday, reversing earlier losses as renewed buying interest in insurance and bellwether stocks pushed key performance indicators higher.

Data from the Nigerian Exchange Group showed that the benchmark All-Share Index (ASI) rose by 0.85 per cent to close at 200,705.88 basis points, lifting the year-to-date return to 28.98 per cent. Market capitalisation also appreciated by N1.09 trillion to settle at N128.84 trillion.

The rally was largely driven by gains in heavyweight counters, with Airtel Africa Plc surging 10 per cent, alongside Presco Plc and Guaranty Trust Holding Company Plc, which posted notable advances. These gains outweighed declines recorded in MTN Nigeria Communications Plc, First Holdco Plc, and Dangote Sugar Refinery Plc.

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Market breadth remained positive, reflecting sustained investor appetite, as gainers outnumbered losers.

A total of 36 stocks advanced, led by Airtel Africa Plc, Consolidated Hallmark Holdings Plc, John Holt Plc, Legend Internet Plc, and Zico Holdings Plc. On the flip side, 23 decliners were recorded, with NPF Microfinance Bank Plc, Royal Exchange Plc, Computer Warehouse Group Plc, Veritas Kapital Assurance Plc, and UPDC Plc posting the steepest losses.

Sectoral performance was broadly bullish, with the insurance index leading the charge with a 2.14 per cent gain. Other sectors, including commodities, consumer goods, banking, industrial goods, and oil and gas, also closed in positive territory, underscoring widespread buying momentum across the market.

Trading activity strengthened significantly, as investors exchanged 1.29 billion shares worth N65.33 billion. This represented increases of over 50 per cent in volume and more than 20 per cent in value compared to the previous session, although the number of deals declined by 35.5 per cent to 89,949.

Further analysis showed that Access Holdings Plc dominated the volume chart with 266.79 million units traded, while Guaranty Trust Holding Company Plc led in value terms with transactions worth N19.39 billion.

The rebound reflects renewed investor confidence and bargain hunting following recent market dips, with insurance stocks and large-cap equities expected to continue driving momentum in the near term.