Reforms Drive Nigerian Stock Market Rally as Insurance Sector Leads Gains Amid 26-Day Bull Run

The Nigerian equities market sustained a remarkable 26-day bullish run, adding N479 billion to its total value, fueled notably by reforms in the insurance industry. The NGX Insurance sector led the gains with an 8.8% increase, contributing significantly to the positive momentum in the broader equities market.

The All-Share Index (ASI) rose by 756.85 points, or 0.52%, closing at 146,570.71 points, while overall market capitalisation increased to N92.731 trillion. This upward trend was supported by strong price appreciation in large and medium-cap stocks such as BUA Foods, Guinness Nigeria, Nigerian Exchange Group, CAP, and NEM Insurance.

Investor sentiment remained positive, with 44 stocks advancing compared to 34 that declined. Notably, AIICO Insurance, Cornerstone Insurance, AXA Mansard Insurance, and University Press posted impressive gains of 10% each. Guinness Nigeria and UPDC followed closely with increases of approximately 10%.

On the downside, Chams Holding Company recorded a decline of nearly 10%, leading the losers’ chart, followed by Austin Laz & Company and Caverton Offshore Support Group. Despite some declines, the overall market trend stayed bullish, underscoring investor confidence.

Trading volume, however, saw a dip of 26.5%, with just under 2 million units traded in 35,291 deals. Linkage Assurance, Prestige Assurance, and Veritas Kapital Assurance were among the most actively traded stocks, reflecting robust interest in the insurance sub-sector that continues to benefit from ongoing reforms.

Source: Leadership