The Nigerian stock market extended its winning streak on Monday, as renewed buying interest in oil and insurance stocks pushed the Nigerian Exchange Limited (NGX) higher, adding ₦786 billion to investors’ wealth.
At the close of trading, the All-Share Index (ASI) climbed by 1,238.71 points, or 0.86 percent, to finish at 144,822.75 points, while market capitalisation rose to ₦91.9 trillion. This performance marks a 1.89 percent gain for the week, a 4.2 percent rise over four weeks, and a 40.71 percent increase year-to-date, reinforcing positive investor sentiment.
The bullish momentum was largely driven by strong gains in Seplat Energy Plc and AXA Mansard Insurance Plc, both of which appreciated by 10 percent to close at ₦5,917.20 and ₦15.84 per share, respectively.
Other top gainers included Skye Shelter Fund (+9.97%), Ellah Lakes Plc (+9.95%), Chams Holding Company Plc (+9.87%), and Omatek Ventures Plc (+9.84%).
On the flip side, International Energy Insurance Plc topped the losers’ chart, dropping 8.42 percent to ₦2.72 per share, followed by McNichols Plc (-8.31%), Thomas Wyatt Plc (-7.72%), Berger Paints Plc (-6.8%), ABC Transport Plc (-5.81%), and C&I Leasing Plc (-3.23%).
Despite the market’s positive close, overall trading activity moderated. Investors exchanged 519.9 million shares worth ₦14.53 billion across 35,467 deals, representing a 5 percent decline in volume, a 26 percent drop in turnover, but a 31 percent rise in deal count, indicating active participation from smaller investors.
Ellah Lakes Plc led in trading volume with 80.07 million units valued at ₦1.18 billion, followed by Chams Holding Company Plc with 30.21 million shares worth ₦127.26 million, and Sterling Bank Plc with 24.74 million shares valued at ₦205.65 million.
In value terms, Guaranty Trust Holding Company (GTCO) led with ₦1.97 billion, followed by Seplat Energy Plc (₦1.65 billion), Aradel Holdings Plc (₦1.21 billion), Ellah Lakes Plc (₦1.18 billion), and Zenith Bank Plc (₦1.12 billion).
Sectoral performance was broadly positive. The Oil and Gas Index gained 3.35 percent, the Insurance Index rose 3.13 percent, the Premium Index advanced 2.06 percent, the Pension Index increased 1.23 percent, and the Banking Index closed 0.64 percent higher.
Market analysts attributed the continued rally to renewed investor confidence in fundamentally strong companies and favourable sector dynamics, particularly in the oil and insurance industries.
Last week, the NGX closed the first week of October on a high note, as investors gained ₦1.18 trillion in a four-day trading week shortened by the Independence Day holiday. The ASI rose 1.02 percent to 143,584.04 points, while market capitalisation advanced 1.31 percent to ₦91.14 trillion.
