Nigerian stocks gain 0.39% as MTN, GTCO lift market 

By: Amarachi Okonkwo  

Nigeria’s equities market closed the Easter-shortened week on a positive note, as gains in heavyweight stocks lifted the benchmark index above 201,000 points despite weakening market breadth and softer trading activity. 

The All-Share Index (ASI) advanced by 785.83 points to close at 201,698.89, representing a modest week-on-week gain of 0.39 per cent from 200,913.06 recorded in the previous week. Consequently, total market capitalisation rose to N129.8 trillion, underscoring sustained investor confidence in large-cap equities despite mixed sentiment across the broader market. 

The positive performance was largely underpinned by renewed buying interest in telecom and banking heavyweights, particularly MTN Nigeria and Guaranty Trust Holding Company (GTCO), which continued to provide directional support for the market. 

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Trading activity, however, softened during the period, reflecting the impact of the Easter holiday, which reduced the trading week to four sessions. A total of 2.8 billion shares valued at N113.5 billion were exchanged in 215,287 deals, compared to 3.9 billion shares traded in the prior week, indicating a decline in both volume and turnover. 

Market internals painted a less optimistic picture, as breadth deteriorated notably. Only 29 equities recorded gains during the week, significantly lower than the 47 advancers in the preceding week. In contrast, 57 stocks declined, up from 45, while 62 equities closed flat, suggesting that the rally was narrowly driven by a handful of large-cap stocks. 

Performance data from the Nigerian Exchange showed that the market’s year-to-date (YtD) return climbed further to 29.62 per cent, reflecting a strong upward trajectory since the start of the year. Meanwhile, month-to-date (MtD) performance for April stood at a modest 0.20 per cent. 

A breakdown of daily trading indicated a volatile but generally positive trend. The market opened the week on a bearish note on Monday, shedding 428.6 points, although it managed to hold above the 200,000 threshold to close at 200,484.4. Sentiment reversed on Tuesday with a strong rebound of 803.3 points, followed by continued gains on Wednesday, when the index rose by 0.21 per cent. The rally moderated slightly on Thursday, with a marginal decline of 4.7 points, bringing the index to its weekly close of 201,698.9. Trading did not take place on Friday due to the Easter public holiday. 

Across sectoral indices, performance was mixed, highlighting divergent investor positioning. The Premium Index led the gainers, rising by 1.59 per cent, largely driven by a 5.85 per cent appreciation in MTN Nigeria. The NGX 30 Index also recorded a 0.54 per cent increase, while the Main Board Index dipped by 0.29 per cent. 

Sectoral performance further reflected this mixed trend. The NGX Banking Index emerged as the top performer, gaining 0.71 per cent, buoyed by a 5.08 per cent rise in GTCO and a modest 0.42 per cent increase in FCMB. The NGX Oil and Gas Index posted a marginal uptick of 0.02 per cent, supported by gains in Eterna Plc, which rose by 3.41 per cent, and Japaul Gold, up 2.94 per cent. 

Conversely, the NGX Insurance Index recorded the steepest decline, shedding 4.25 per cent amid widespread sell-offs across insurance stocks. The NGX Consumer Goods Index followed with a 1.74 per cent loss, while the NGX Industrial Goods Index slipped by 0.24 per cent. 

Stock-specific performance showed strong rallies among mid- and small-cap equities. Multiverse Mining and Exploration Plc led the gainers’ chart with a 20.66 per cent increase to close at N20.15. UPDC Real Estate Investment Trust followed with a 15.49 per cent gain to N8.20, while International Energy Insurance Plc rose by 12.54 per cent to N3.32. Other notable gainers included Austin Laz & Company Plc (+10.47%), Unilever Nigeria Plc (+10.00%), Trans-Nationwide Express Plc (+9.65%), Learn Africa Plc (+9.41%), Cadbury Nigeria Plc (+9.05%), Nigerian Aviation Handling Company Plc (+8.85%), and Eunisell Interlinked Plc (+7.63%). 

On the losers’ chart, Secure Electronic Technology Plc recorded the steepest decline, dropping 21.54 per cent to N1.02. John Holt Plc fell by 18.47 per cent to N15.45, while May & Baker Nigeria Plc declined by 16.57 per cent to N35.00. Aluminium Extrusion Industries Plc lost 16.27 per cent, Legend Internet Plc shed 16.00 per cent, and Consolidated Hallmark Holdings Plc dropped 13.04 per cent. Other laggards included NPF Microfinance Bank Plc (-11.74%), Fortis Global Insurance Plc (-10.87%), Africa Prudential Plc (-10.39%), and Guinea Insurance Plc (-10.16%). 

The week also witnessed a flurry of corporate disclosures, providing investors with fresh insights into company performance and outlooks. UH REIT and SFS REIT released their audited financial statements for the 2025 financial year, while major corporates such as BUA Foods, GTCO, and Wema Bank published their audited results. 

Additional earnings releases came from Abbey Mortgage Bank, Beta Glass, VFD Group, Etranzact, Skyway Aviation Handling Company, and Berger Paints. Within the insurance space, NEM Insurance, Coronation Insurance, and Consolidated Hallmark Holdings also submitted their audited accounts. 

However, not all disclosures were positive, as agro-processing firms FTN Cocoa Processors Plc and Ellah Lakes Plc reported losses in their audited FY2025 results, highlighting persistent challenges in that segment. Fidson Healthcare Plc also released its audited financial statements during the period. 

Market analysts noted that despite contributions from mid-cap stocks, the bulk of the week’s gains were driven by MTN Nigeria and GTCO, both of which carry significant weight on the Exchange. MTN Nigeria, with a market capitalisation of approximately N15.9 trillion, accounts for about 12.3 per cent of total market value, while GTCO, valued at N4.4 trillion, represents roughly 3.4 per cent. 

With the ASI now firmly above the 201,000 level, analysts caution that the market may be approaching overbought territory. They noted that any price correction in heavily weighted stocks such as MTN Nigeria and GTCO could trigger a short-term pullback in the broader index, particularly given the weakening market breadth observed during the week. 

Nonetheless, the strong year-to-date performance suggests that investor appetite for equities remains resilient, supported by ongoing earnings releases and positioning in fundamentally sound stocks.