Investors on the Nigerian Exchange Limited (NGX) continued their winning streak on Monday, pushing market capitalisation up by a substantial ₦786 billion to close at ₦91.9 trillion. The rally was largely powered by strong gains in heavyweight stocks, including Seplat Energy Plc and AXA Mansard Insurance Plc, which drew renewed investor interest despite a slight dip in trading volume and turnover.
The All-Share Index (ASI) climbed by 1,238.71 points, or 0.86%, to settle at 144,822.75 points. This reflects a one-week gain of 1.89%, a four-week increase of 4.2%, and a year-to-date surge of 40.71%, underlining sustained bullish sentiment in the market. Analysts say the rally is being supported by strong fundamentals in key sectors, particularly oil and insurance, which continue to attract investors seeking solid returns.
Trading activity involved 519.9 million shares valued at ₦14.53 billion across 35,467 deals. While this represented a 5% decline in volume and a 26% drop in turnover compared to the previous session, the number of deals rose by 31%, indicating heightened market participation. A total of 128 equities were traded, with 47 advancing and 24 declining.
Leading the gainers was Seplat Energy Plc, surging 10% to close at ₦5,917.20 per share, closely followed by AXA Mansard Insurance Plc, which also rose 10% to ₦15.84 per share. Other notable performers 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 lost 8.42%, McNichols Plc dropped 8.31%, and Thomas Wyatt Nigeria Plc fell 7.72%, highlighting selective profit-taking in some stocks.
Sectoral indices mirrored the upbeat trend, with the Oil & Gas Index gaining 3.35%, the Insurance Index up 3.13%, and the Premium Index rising 2.06%. Banking and Pension stocks also closed higher. Market observers attribute the continued rally to investor confidence in fundamentally strong equities and the renewed interest in oil and insurance sectors. This follows a positive start to October, where the NGX recorded ₦1.18 trillion in market gains over the first week, despite the Independence Day public holiday.
source: punch