The Nigerian stock market started the week on a high as investors pushed the market capitalisation up by ₦1.78 trillion on Monday, reflecting strong buying interest across key sectors.
Trading on the Nigerian Exchange ended with the All-Share Index closing at 144,071.76 points, after gaining 2,808.71 points or 1.99 percent. Market capitalisation jumped to ₦91.2 trillion, marking one of the strongest single-day surges this quarter.
Market analysts say investor sentiment remains bullish despite recent dips in turnover and volume.
“We’re seeing renewed confidence in equities, driven by expectations of improved half-year earnings and stronger macro indicators,” said Sola Adedeji, an equity analyst at InvestGuide Advisory. “The momentum may sustain if institutional buyers remain active.”
Volume of trade fell by 25 percent, with 811.09 million shares exchanged in 35,961 deals, valued at ₦19.47 billion. Still, the number of transactions rose slightly by four percent, reflecting active retail participation.
Top Gainers and Losers
UPDC led the gainers, rising 10 percent to close at ₦5.94 per share. Lasaco Assurance and Royal Exchange also gained 10 percent each, closing at ₦2.86 and ₦1.65 respectively. UAC of Nigeria climbed 9.97 percent to end at ₦97.10, while Sovereign Trust Insurance gained 9.94 percent to settle at ₦1.88.
On the losing side, Transcorp Power shed 10 percent to close at ₦288.00, followed by Academy Press with a 10 percent loss to ₦9.90. John Holt fell by 9.59 percent, and Total Nigeria lost 9.22 percent.
FCMB, GTCO Lead Trade Volume and Value
In terms of activity, FCMB Group led by volume with 84.95 million shares traded. Universal Insurance followed with 82.51 million shares, while Fidelity Bank, AIICO Insurance, and Veritas Kapital rounded out the top five.
For value, GTCO topped the chart with ₦2.76 billion worth of shares traded. Zenith Bank recorded ₦1.82 billion, Dangote Cement ₦1.58 billion, FCMB ₦979.42 million, and Fidelity Bank ₦955.60 million.
Broad Gains Across Sectors
Sector indices also recorded strong performances. The NGX Industrial Index jumped 5.72 percent. Consumer Goods advanced by 4.93 percent, and Insurance climbed 3.44 percent. The Premium Board rose 2.51 percent, while the Main Board was up by 1.68 percent.
Market watchers believe the broad rally is backed by optimism about corporate earnings and a stable interest rate environment.
“There’s confidence that some of these companies will deliver solid numbers,” said Titi Odubayo, a portfolio manager based in Lagos. “But we also have to keep an eye on global cues and oil prices.”
The week’s trading continues today, with investors watching for signs of whether Monday’s bullish wave can be sustained.
