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The NGX rebounded on Tuesday, adding about ₦481 billion to investors’ wealth as renewed buying interest pushed the benchmark index higher.
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Insurance stocks dominated the gainers’ chart, with Lasaco Assurance, Linkage Assurance and SUNU Assurances posting strong double-digit gains.
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Positive market breadth strengthened as 35 stocks advanced against 24 losers, reflecting improving investor appetite despite continued profit-taking in selected equities.
July 28, (THEWILL) — The Nigerian stock market returned to positive territory on Tuesday as renewed buying interest, particularly in insurance and mid-cap stocks, lifted key market indicators and reversed the previous session’s losses.
The Nigerian Exchange (NGX) All-Share Index (ASI) gained 0.30 percent, rising from an opening level of 247,238.74 basis points to close at 247,984.55 basis points.
Similarly, market capitalisation increased from ₦159.511 trillion at the start of trading to ₦159.992 trillion at the close, translating to a gain of approximately ₦481 billion in investors’ wealth.
Market breadth also improved significantly, with 35 equities recording price appreciation against 24 decliners, underscoring stronger buying momentum across the market.
Price Movement
Top Five Gainers
- Lasaco Assurance Plc appreciated by 10.00 percent (rising from ₦2.00 to ₦2.20).
- Linkage Assurance Plc gained 9.93 percent (advancing from ₦1.51 to ₦1.66).
- Trans-Nationwide Express Plc climbed 9.93 percent (increasing from ₦2.82 to ₦3.10).
- SUNU Assurances Nigeria Plc rose by 9.88 percent (moving from ₦3.24 to ₦3.56).
- Consolidated Hallmark Holdings Plc (CMFC) appreciated by 9.86 percent (closing at ₦3.79 from ₦3.45).
Top Five Decliners
- Meyer Plc declined by 9.97 percent (falling from ₦18.55 to ₦16.70).
- Mecure Industries Plc shed 9.94 percent (dropping from ₦62.40 to ₦56.20).
- ABC Transport Plc lost 9.93 percent (declining from ₦7.05 to ₦6.35).
- C&I Leasing Plc depreciated by 8.66 percent (easing from ₦6.35 to ₦5.80).
- Haldane McCall Plc fell by 8.21 percent (slipping from ₦3.29 to ₦3.02).
Top five decliners for the session
Meanwhile, Seplat Energy Plc, Presco Plc, Custodian Investment Plc, Julius Berger Nigeria Plc, Vitafoam Nigeria Plc, Cadbury Nigeria Plc and BUA Foods Plc, among other heavyweight counters, closed flat during the session.
Investor sentiment turned positive as bargain hunting resurfaced following Monday’s mild decline.
The strong market breadth and renewed interest in insurance and logistics stocks suggest investors are selectively accumulating fundamentally attractive counters while taking advantage of recent price corrections.
The market is expected to maintain a cautiously positive bias if buying interest in financial and mid-cap stocks persists.
However, analysts expect intermittent profit-taking to continue as investors rebalance portfolios ahead of corporate earnings releases and other market-moving developments.
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.
