The Nigerian stock market sustained its bullish momentum on Monday, delivering a N3.17 trillion increase in investors’ wealth as renewed demand for banking, industrial, oil and gas, and insurance stocks drove a broad-based market rally.
Data from the Nigerian Exchange (NGX) showed that the All-Share Index (ASI) climbed by 2.15 per cent to close at 234,178.23 points, up from 229,240.19 points recorded in the previous trading session. Market capitalisation also rose to N150.27 trillion, reflecting a gain of approximately N3.17 trillion.
The latest advance builds on Friday’s rebound, further reversing losses recorded during last week’s market correction and lifting the market’s year-to-date return to 50.49 per cent.
Investor sentiment remained upbeat as bargain hunters returned to fundamentally strong blue-chip stocks ahead of the release of second-quarter corporate earnings, with institutional investors leading buying activity across key sectors.
Among the stocks that recorded significant gains were First HoldCo, Wema Bank, Aradel Holdings, Dangote Cement, Lafarge Africa, GTCO, Access Holdings, United Bank for Africa (UBA), Fidelity Bank, MTN Nigeria, Nigerian Breweries, Oando and NGX Group.
Trading activity strengthened during the session, with 538.64 million shares exchanged in 64,065 deals valued at N38.70 billion. The figures represent increases of 18.40 per cent in trading volume, 32.88 per cent in transactions and 40.18 per cent in turnover compared with the previous trading day.
Market breadth remained positive as 54 stocks appreciated against 12 decliners.
First HoldCo and Wema Bank topped the gainers’ chart after both advanced by the maximum daily limit of 10 per cent. They were followed by Aradel Holdings, NGX Group and Veritas Kapital Assurance, which also posted strong price appreciation.
On the downside, Nigerian Aviation Handling Company (NAHCO) and Vitafoam Nigeria recorded the biggest losses, each shedding 10 per cent. Chemical and Allied Products (CAP), FTG Insurance and Thomas Wyatt Nigeria also closed lower.
Sectoral performance was positive across the board, with the Industrial Goods Index emerging as the best-performing segment after gaining 4.89 per cent, supported by strong advances in Dangote Cement and Lafarge Africa.
The Oil and Gas Index rose 4.22 per cent on the back of gains in Aradel Holdings and Oando, while the Banking Index added 3.05 per cent as investors increased positions in major financial stocks, including First HoldCo, GTCO, Access Holdings, UBA, Fidelity Bank, FCMB and Wema Bank.
The Insurance and Commodity indices each advanced 2.70 per cent, while the Consumer Goods Index posted a modest gain of 0.57 per cent.
Zenith Bank retained its position as the most actively traded stock by both volume and value, accounting for the largest share of transactions during the session. GTCO and Fidelity Bank also featured prominently among the most traded equities, while MTN Nigeria and Aradel Holdings ranked among the leading stocks by value traded.
Market analysts expect the positive trend to continue in the near term, supported by attractive stock valuations following the recent pullback, ongoing portfolio rebalancing by investors and expectations of improved second-quarter corporate earnings.
