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NGX gained ₦307 billion as market capitalisation rose to ₦159.119 trillion, while the All-Share Index advanced 0.19 percent to 246,659.56 points on sustained buying interest.
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Market breadth remained positive with 34 gainers against 22 losers, as investors accumulated medium-cap stocks despite profit-taking in selected counters.
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Investor sentiment stayed bullish on expectations of continued earnings-driven demand, although analysts expect intermittent profit-taking after recent gains.
July 21, (THEWILL) — The Nigerian Exchange (NGX) sustained its upward momentum on Tuesday, with investors adding ₦307 billion to market capitalisation as renewed buying interest in medium-cap stocks outweighed losses in selected equities.
Market capitalisation increased from ₦158.812 trillion at the opening of trading to ₦159.119 trillion at the close, while the NGX All-Share Index (ASI) advanced by 0.19 percent, rising from 246,183.96 basis points to 246,659.56 basis points.
The positive performance reflected continued investor appetite for fundamentally strong equities following the market’s robust start to the week, even as profit-taking persisted in a number of stocks.
Market breadth closed firmly in positive territory, with 34 gainers outperforming 22 decliners, underscoring broad-based buying activity across key sectors of the market.
Buying interest was concentrated in real estate, hospitality, healthcare, and industrial stocks.
Price Movement
Top Five Gainers
- REIT appreciated by 9.86 percent (from ₦10.65 to ₦11.70),
- Thomas Wyatt Nigeria Plc gained 9.86 percent (from ₦3.39 to ₦3.72).
- Ikeja Hotel Plc advanced 9.53 percent (from ₦42.50 to ₦46.55).
- The Initiates Plc (TIP) rose 9.52 percent (from ₦31.00 to ₦33.95).
- Neimeth International Pharmaceuticals Plc increased by 9.47 percent (from ₦8.45 to ₦9.25).
Top Five Decliners
- FG142027S1 declined by 9.98 percent (from ₦75.00 to ₦67.52).
- Mecure Industries Plc shed 9.95 percent (from ₦85.45 to ₦76.95).
- HMCALL Plc fell 9.86 percent (from ₦3.65 to ₦3.29).
- Consolidated Hallmark Holdings (CMFC) lost 9.85 percent (from ₦3.35 to ₦3.02).
- Trans-Nationwide Express Plc depreciated by 9.68 percent (from ₦3.10 to ₦2.80)
Meanwhile, Seplat Energy, Presco Plc, John Holt Plc, Julius Berger Nigeria Plc, Golden Guinea Breweries Plc, Cadbury Nigeria Plc and Nestlé Nigeria Plc, among others, closed flat for the session.
Investor sentiment remained positive as bargain hunting continued in selected equities, particularly medium-cap stocks with attractive valuation and earnings prospects. The positive market breadth suggests buying interest remains resilient despite pockets of profit-taking.
Market participants are expected to maintain a cautiously optimistic stance in the near term, with investors likely to continue positioning in fundamentally sound stocks ahead of further corporate disclosures. However, intermittent profit-taking could emerge as traders lock in gains following the market’s recent rally.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
