Nigerian Exchange Records Strong Gains in Large-Cap and Mid-Cap Stocks While Market Turnover Declines Across Lagos

The Nigerian Exchange Limited (NGX) continued its winning streak on Wednesday, buoyed by strong performances from large-cap and mid-cap stocks.

Despite a noticeable drop in total transaction value, the benchmark index advanced, and overall market capitalization recorded significant gains, signaling ongoing investor confidence in key equities.

NGX All-Share Index Climbs Higher

On Wednesday, the NGX All-Share Index (ASI) rose by 0.78 percent, closing at 178,184.35 points, up from 176,809.42 recorded the previous day.

Market capitalization increased from ₦113.50 trillion on Tuesday to ₦114.38 trillion, reflecting a robust gain of ₦880.34 billion.

While these numbers indicate strong price appreciation, total market turnover dipped sharply to ₦34.03 billion from ₦50.43 billion on February 10, marking a reduction of ₦16.39 billion.

Analysts suggest this divergence points to price movements in highly weighted stocks driving gains, while overall market liquidity moderated.

Top Gainers Propel Market Rally

Several stocks led the charge on Wednesday. FTGINSURE surged by 10 percent from ₦0.30 to ₦0.33, topping the list of gainers. Other notable performers included:

• CONHALLPLC: ₦4.50 → ₦4.95 (+10.00%)

• NESTLE: ₦2,200 → ₦2,420 (+10.00%)

• MEYER: ₦19 → ₦20.90 (+10.00%)

• CAP: ₦90.20 → ₦99.20 (+9.98%)

The rally in NESTLE had a pronounced impact on the index due to its large market weight, demonstrating how heavyweight stocks continue to shape market direction.

Declining Stocks Signal Sector-Specific Pressure

Not all equities mirrored the positive trend.

Some stocks recorded steep losses, with FGSUK2033S6 falling 34.93 percent from ₦147.99 to ₦96.30. Other laggards included:

• HONYFLOUR: ₦25.25 → ₦22.80 (-9.70%)

• NEIMETH: ₦14.20 → ₦12.90 (-9.15%)

• TIP: ₦20.65 → ₦19.45 (-5.81%)

• RTBRISCOE: ₦15.27 → ₦14.40 (-5.70%)

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These declines suggest that certain sectors, particularly consumer staples and fixed-income-linked instruments, experienced selective pressure even as the broader market advanced.

Most Active Stocks Highlight Investor Interest

Trading volume data shows that investors gravitated toward highly liquid stocks.

The most actively traded shares were:

• TANTALIZER: 85.32 million shares valued at ₦498.75 million

• ACCESSCORP: 61.36 million shares valued at ₦1.48 billion

• CHAMS: 38.60 million shares valued at ₦174.10 million

• JAPAULGOLD: 38.24 million shares valued at ₦89.51 million

• DEAPCAP: 36.79 million shares valued at ₦314.12 million

This activity underscores continued investor focus on both mid-tier and large-cap equities as portfolio managers position for stability and growth.

Fixed Income and ETFs Show Stability

Bond markets remained largely flat on Wednesday, with instruments such as DAN2029S2TB, DIF2029S1TA, FG162029S1, FG172035S1, and FG182042S1 experiencing no significant price movement.

Meanwhile, the ETF space showed upward adjustments, reflecting investor appetite for diversified portfolios.

Key gainers included:

• SIAMLETF40: ₦13,552 → ₦14,640

• STANBICETF30: ₦6,367.24 → ₦6,927

• MERVALUE: ₦787.73 → ₦866.40

• GREENWETF: ₦945 → ₦990

• VETINDETF: ₦230 → ₦253

These gains signal growing interest in exchange-traded funds as an alternative route for investors seeking broad exposure to the Nigerian equity market.

What’s Next?

The current session highlights sustained bullish sentiment, but the decline in liquidity signals caution.

Market watchers will be closely monitoring trading activity in the coming sessions to see whether gains in large-cap stocks can continue to offset lower overall turnover.

Investors will likely focus on upcoming earnings reports, macroeconomic indicators, and government policy updates that could influence sectors such as consumer goods, financials, and energy.

ETF and bond performance may also attract attention as market participants balance between growth and stability.

Summary

On Wednesday, the NGX All-Share Index rose 0.78 percent to 178,184.35, driven by strong gains in large-cap and mid-cap stocks.

Market capitalization increased by ₦880.34 billion to ₦114.38 trillion, while total transaction value fell sharply by ₦16.39 billion to ₦34.03 billion.

FTGINSURE, CONHALLPLC, NESTLE, MEYER, and CAP led the market higher, whereas FGSUK2033S6, HONYFLOUR, NEIMETH, TIP, and RTBRISCOE recorded losses.

Bond prices remained flat, and ETFs showed modest gains, reflecting investor confidence in equities despite lower liquidity.

Moving forward, analysts will watch whether the current bullish trend can sustain itself amid mixed trading activity.