Investors on the Nigerian Exchange (NGX) recorded a combined gain of N1.76 trillion on Monday as strong buying interest in banking, industrial and insurance stocks lifted the market to another record close.
The market capitalisation rose by 1.12 per cent to N158.81 trillion, while the NGX All-Share Index (ASI) advanced to 246,183.96 points, extending the positive momentum from the previous week.
The latest performance pushed the market’s year-to-date return to 58.20 per cent, with the month-to-date gain improving to 7.3 per cent.
Market activity also strengthened significantly as investors traded 851.63 million shares valued at N49.59 billion across 56,873 deals, representing increases in trading volume, value and transaction count compared to the previous session.
Banking stocks remained the primary drivers of the rally, with First HoldCo emerging as the standout performer after climbing 9.95 per cent to close at N105.50, surpassing its previous 52-week high of N87.25.
The stock also dominated trading activity, accounting for 203.94 million shares valued at N21.52 billion, representing nearly a quarter of the day’s traded volume and more than 43 per cent of total market turnover.
Investor appetite for First HoldCo was boosted by the group’s recently released half-year financial results, which showed a pre-tax profit exceeding N653.5 billion for the six months ended June 30, reflecting strong earnings growth across key performance indicators.
Sectoral performance remained broadly positive, with the Banking Index leading the gains after rising 3.14 per cent, followed by the Industrial Index, which advanced 2.82 per cent. The Insurance Index posted a modest gain of 0.25 per cent, while the Oil and Gas Index edged higher by 0.08 per cent. The Consumer Goods and Commodity indices closed largely unchanged.
Among the day’s top-performing stocks, Custodian Investment and NEM Insurance each appreciated by the maximum daily limit of 10 per cent, closing at N75.90 and N30.80 respectively.
BUA Cement gained 9.98 per cent to settle at N303.10, while FTN Cocoa Processors rose 9.94 per cent to close at N9.29.
On the losers’ chart, Sunu Assurances declined by 10 per cent to N3.60, followed by Tripple Gee, ABC Transport, Abbey Mortgage Bank and Wapic Insurance, all of which recorded notable losses.
Other heavyweight stocks contributing to the market’s positive performance included NGX Group, United Bank for Africa, Guinness Nigeria, Zenith Bank, Access Holdings, Oando and Unilever Nigeria, all of which closed higher.
However, some blue-chip stocks finished in negative territory, with Transcorp leading the decliners among large-cap equities. PZ Cussons Nigeria, International Breweries, Fidelity Bank and GTCO also recorded marginal losses.
Despite the market’s strong upward movement, market breadth remained relatively balanced, with 31 gainers compared to 30 losers, indicating that the rally was largely driven by gains in heavyweight stocks.
Market analysts said the sustained demand for banking and industrial equities reflects continued institutional interest and portfolio rebalancing as investors position for stronger corporate earnings.
They, however, noted that the sharp appreciation in stocks such as First HoldCo and BUA Cement could trigger profit-taking in the coming trading sessions, potentially moderating the pace of further market gains.
