October 09, (THEWILL) — The Nigerian Exchange (NGX) sustained its positive momentum on Thursday, as renewed buying interest lifted the benchmark All-Share Index (ASI) by 0.33 percent to close at 146,203.40 points, from 145,719.09 points recorded in the previous session.
Similarly, market capitalisation appreciated by 0.33 percent, rising from ₦92.49 trillion to ₦92.79 trillion, translating to an investor gain of about ₦307.98 billion within the trading session.
The upward movement was driven by sustained bargain-hunting in mid-tier stocks, improved market liquidity from maturing OMO instruments, and renewed positioning ahead of Q3 corporate earnings reports.
At the close of trading, the market recorded 32 gainers and 21 losers, signalling a broad-based rebound after earlier volatility in the week.
Top Gainers
Caverton led the gainers’ chart with a 10 percent rise, from ₦6.30 to ₦6.93, on renewed demand in the services sector. Eunisell also appreciated by 10 percent, moving from ₦40.00 to ₦44.00, buoyed by strong momentum in industrial and oil-linked equities.
SUNU Assurance climbed 9.90 percent, from ₦5.25 to ₦5.77, reflecting improved investor sentiment in the insurance space, while IMG gained 9.10 percent, from ₦32.95 to ₦35.95.
Mecure rounded off the list of top performers, advancing 8.81 percent to close at ₦28.49, from ₦26.10, driven by sustained demand for healthcare shares.
Top Losers
FTN Cocoa topped the losers’ chart, shedding 6.67 percent to close at ₦5.60 from ₦6.00 amid profit-taking.
Tantalizer dipped 3.35 percent, from ₦2.39 to ₦2.31, while Fidelity Bank lost 2.38 percent, from ₦21.00 to ₦20.50, following mild sell pressure in the banking sector.
PZ Cussons declined 2.18 percent to ₦38.15, while Veritas dropped 1.90 percent to ₦2.06.
Sectoral Performance
The bullish outing was primarily driven by gains in the industrial goods, insurance, and healthcare sectors, supported by steady domestic participation and mild foreign inflows.
- The industrial goods sector benefited from renewed investor interest in manufacturing and export-linked equities amid rising cement and construction demand.
- The insurance sector advanced as investors sought low-cost, high-yielding stocks, responding to tighter liquidity conditions in the fixed-income market.
- The healthcare sector remained upbeat due to optimism around upcoming earnings and expansion prospects within the pharmaceutical segment.
Meanwhile, slight pullbacks in the banking and consumer goods sectors moderated overall gains, reflecting cautious positioning by institutional investors.
Market Overview
Major equities, including Custodian Investment, Julius Berger Plc, Champion Breweries, Golden Guinea Breweries, Guinness Nigeria, BUA Foods, and Nestlé Nigeria, closed unchanged, indicating a balanced market tone as investors assess Q3 corporate results and policy cues from the Central Bank of Nigeria (CBN).
Thursday’s performance highlights a gradual return of investor confidence, buoyed by improving macroeconomic indicators, a stabilising exchange rate, and measured liquidity inflows.
Analysts expect the positive sentiment to persist in the short term, with investors likely to sustain interest in fundamentally strong stocks, particularly across growth-driven sectors, as the Q4 trading period gathers pace.
Ogochukwu Onwaeze
