The Nigerian Exchange (NGX) sustained its bullish trend on Monday, led by notable gains in blue-chip stocks such as International Breweries and Cadbury Nigeria. Their strong performances contributed significantly to a N228.48bn increase in market capitalization, which closed at N66.7tn, up from N66.47tn the previous session. The All-Share Index also moved upward, gaining 371.53 points (0.35%) to close at 106,124.14 basis points.
Trading activity saw a mixed outcome: while the volume of shares traded rose by 17%, the total value of transactions dropped by 40%, amounting to N12.11bn exchanged in 17,637 deals—a 23% increase in deal count. Market breadth was clearly positive, with 47 stocks appreciating against 17 decliners. International Breweries led the rally with a 10% price increase to N8.47 per share, closely followed by Legend Internet, Cadbury Nigeria, and Fidson Healthcare, each posting strong single-day gains nearing the 10% limit.
On the downside, Livestock Feeds topped the losers’ chart with a 10% drop, closing at N8.55 per share. Aradel Holdings, Tripple Gee & Company, and John Holt also posted notable losses. Meanwhile, Access Holdings emerged as the most traded stock of the day, recording over 60 million shares in volume. Other high-volume performers included Fidelity Bank, UBA, and GTCO, reflecting strong interest in the banking sector.
Sectoral indices reflected the upbeat sentiment across the board. The Consumer Goods Index surged by 2.38%, buoyed by price appreciation in International Breweries and Cadbury. The Banking Index followed with a 1.31% gain, while the Insurance Index rose by 0.32%. Overall, investor confidence appears to be strengthening, with optimism further fueled by recent market gains, including the N966bn boost recorded in the previous holiday-shortened week.
Source: Punch