The Nigerian equities market rebounded on Thursday as investors resumed accumulation in insurance, oil marketing and financial stocks following Wednesday’s mild correction.
Data from Nigerian Exchange Limited showed that the NGX All-Share Index (ASI) advanced from 196,463.22 points on March 4 to 196,807.15 points, representing a 343.93-point gain or 0.18 percent increase.
Market capitalisation rose from ₦126.097 trillion to ₦126.318 trillion, adding approximately ₦221 billion in one trading session.
Comparison With March 4
| Metric | March 4 | March 5 | Change |
|---|---|---|---|
| ASI | 196,463.22 | 196,807.15 | +343.93 |
| Market Cap | ₦126.097trn | ₦126.318trn | +₦221bn |
| Volume | 805.25m | 634.01m | -171.24m |
| Value | ₦38.42bn | ₦29.11bn | -₦9.31bn |
| Deals | 71,312 | 66,286 | -5,026 |
Although the index advanced, trading activity declined notably. The ₦9.31 billion reduction in transaction value suggests selective buying rather than broad market participation.
The rebound appears measured and controlled.
Trading Activity and Liquidity
Investors exchanged 634.01 million shares valued at ₦29.11 billion in 66,286 deals.
The drop in turnover below ₦30 billion indicates:
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Reduced aggressive positioning
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Concentrated flows into selected counters
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Possible wait-and-see approach near 197,000 points
Despite lower liquidity, the index still recorded gains, suggesting price strength in high-cap stocks.
Market Leadership
Top Gainers
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ETERNA +10.00%
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NPFMCRFBK +10.00%
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PREMPAINTS +9.92%
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CUSTODIAN +9.71%
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FTGINSURE +9.68%
Insurance stocks continued to dominate momentum, reinforcing ongoing sector rotation.
Eterna’s 10 percent gain strengthens oil marketing participation in the rally.
Top Decliners
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LOTUSHAL15 -10.00%
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TRIPPLEG -9.94%
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MULTIVERSE -9.91%
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JAIZBANK -7.41%
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HONYFLOUR -7.11%
The decline in Jaiz Bank follows heavy trading activity earlier in the week, suggesting short-term profit-taking.
Most Active Stocks by Volume
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JAIZBANK – 137.30 million shares
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GTCO – 45.47 million shares
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ACCESSCORP – 29.74 million shares
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SOVRENINS – 27.14 million shares
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ZENITHBANK – 24.34 million shares
GTCO recorded the highest value traded at ₦5.41 billion, confirming sustained institutional participation in tier-one banks.
ETF Market Performance
Exchange Traded Funds recorded strong gains:
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NEWGOLD rose from ₦82,000.01 to ₦90,000.00
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SIAMLETF40 advanced from ₦3,655.93 to ₦4,021.52
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STANBICETF30 increased from ₦2,603.70 to ₦2,864.07
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VETGRIF30 and VETBANK closed flat
The continued surge in NEWGOLD suggests ongoing gold-linked asset accumulation, possibly reflecting cautious hedging as equities approach psychological resistance levels.
Bond Market Movement
Among sovereign instruments:
Bond capitalisation edged higher to ₦48.34 trillion, indicating stable fixed-income sentiment.
Structural Interpretation
Thursday’s session reflects:
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Controlled recovery after Wednesday’s pullback
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Lower liquidity despite index gain
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Continued sector rotation into insurance and oil marketing
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ETF strength alongside equities
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Stable bond market backdrop
The rally lacks aggressive volume confirmation but maintains structural strength.
Technical Outlook
The ASI at 196,807.15 keeps the market within striking distance of the 200,000 psychological threshold.
However:
For a sustained breakout toward 198,000–200,000, daily turnover likely needs to return above ₦35–40 billion.
Without stronger liquidity support, the market may consolidate below 197,000 before attempting another leg higher.
Investors King Note
The ₦221 billion increase in market capitalisation confirms that bullish momentum remains intact despite reduced liquidity.
The Nigerian equities market continues to trend upward structurally, but strength must be supported by expanding turnover to sustain a breakout toward the 200,000-point zone.
