Trading on the Nigerian Exchange Limited (NGX) witnessed a record-breaking surge on Monday as the All-Share Index (ASI) climbed to a historic high. The ASI jumped from 182,313.08 points on Friday to 190,262.44 points, marking a 4.36% single-day gain and sending investor confidence soaring. Market capitalisation followed suit, rising from N117.03 trillion to N122.13 trillion, delivering an eye-catching N5.1 trillion increase in value.
The rally was broad-based, with major sectors leading the bullish momentum. The NGX Industrial Index posted the strongest gains, advancing 7.78%, while the NGX Banking Index grew 4.71%. Other key sectoral indices, including the Consumer Goods, Pension, Insurance, and Oil & Gas indices, recorded solid growth, reflecting widespread investor participation and renewed confidence in Nigeria’s equities market.
Trading activity mirrored the surge, with total share volume rising 13.46% to 1.06 billion units and transaction value increasing 19.48% to N62.99 billion. The deal count also climbed sharply by 28.30% to 64,237 trades. Access Holdings led trading volume with 86.7 million shares, while Aradel topped the value chart with transactions worth N11.0 billion.
Several mid-cap and large-cap stocks drove the gains, with ABC Transport, Betaglas, Ikeja Hotel, MCNichols, and Oando each recording 10% price appreciation. Heavyweight stocks, including MTN Nigeria, Dangote Cement, and Zenith Bank, also rose sharply, reinforcing optimism among investors. On the downside, a few counters like RT Briscoe, DEAP Capital, and Caverton experienced modest declines, but these were overshadowed by the market’s overall upward momentum.
Market analysts attribute Monday’s rally to strong investor appetite for fundamentally sound companies, particularly in banking, industrial, and premium board listings. With liquidity inflows supporting positive sector rotation, experts suggest that while profit-taking may occur, the NGX All-Share Index is poised for further upside in the near term, signaling a sustained bullish trend for Nigerian equities.
source: punch