The Nigerian stock market staged a modest recovery on Tuesday, snapping a six-day bearish streak as renewed interest in certain blue-chip and mid-tier stocks boosted overall performance. The NGX All-Share Index (ASI) inched up zero point one zero percent to close at 143,763.13 basis points, while the market capitalization increased by N94.47 billion to N91.44 trillion.
Gains in Guaranty Trust Holding Company Plc, Sterling Financial Holdings Company Plc, First Holdings Plc and UAC of Nigeria Plc provided the necessary impetus for the market recovery.
Consequently, month-to-date and year-to-date returns improved slightly to -6.7 percent and +39.7 percent, respectively.
Market sentiment turned positive, with 26 winners outperforming 20 laggards, resulting in a market width of one, three times. NCR Nigeria Plc, Ikeja Hotels Plc, Prestige Assurance Plc, Eunisell Interlinked Plc and Sterling Financial Holdings Company Plc led the gainers chart, while Caverton Offshore Support Group Plc, Union Dicon Salt Plc, Sunu Assurances Nigeria Plc, Lasaco Assurance Plc and AXA Mansard Insurance Plc closed as the day’s biggest losers.
Sector performance was mixed. The banking index recorded the strongest increase at 0.56 percent, while the consumer goods sector gained 0.00 percent. The insurance sector fell 0.84 percent, reflecting selling pressure at key counters, while oil and gas, industrial goods and raw materials indices closed flat.
Trading activity weakened across all indicators, indicating a persistent sentiment of caution among institutional and retail investors.
The total volume traded fell by 18.62 percent to 556.15 million units, while the total value of transactions fell by 34.04 percent to N18.71 billion. The number of agreements also decreased by 18.29 percent to 19,500.
First Holdings Plc was the most traded stock by volume with 93.72 million units, while Stanbic IBTC Holdings Plc led by value with N3.21 billion.
Analysts note that declining block transactions and subdued retail participation continue to weigh on overall liquidity, even as the market attempts to stabilize after a prolonged sell-off.