Investors gained N1.7 trillion at the close of trading on Thursday as renewed buying interest in banking and industrial stocks pushed the market to a fresh weekly high on the Nigerian Exchange Limited. The rally lifted market capitalisation to N123.93 trillion from N122.24 trillion, reflecting strong investor confidence across major sectors of the economy.
The benchmark All-Share Index rose by 2,645.61 points, or 1.39 per cent, to close at 193,073.57. Market analysts say the broad-based surge signals sustained bullish sentiment, especially as institutional and retail investors reposition their portfolios amid improving earnings expectations. The gains were largely driven by increased demand for fundamentally strong stocks in the banking, industrial, insurance and consumer goods sectors.
Banking stocks led the charge, with the NGX Banking Index climbing to 1,852.15 from 1,804.68 in the previous session. Major lenders including Stanbic IBTC, FirstHoldCo, AccessCorp, United Bank for Africa, Zenith Bank and Guaranty Trust Holding Company, recorded notable gains. However, mild losses in Fidelity Bank and Wema Bank slightly moderated the overall sector performance.
Industrial stocks also sustained upward momentum, with the NGX Industrial Index rising to 7,200.81. Construction giant Julius Berger and cement producer Lafarge Africa helped anchor the gains. In the consumer goods segment, investor appetite strengthened around defensive plays such as Guinness Nigeria, NASCON Allied Industries and PZ Cussons Nigeria, even as profit-taking affected select counters.
Meanwhile, the insurance index posted modest gains, supported by strong performances from FTG Insurance and Custodian, while the oil and gas index slipped slightly due to mild profit-taking. Market breadth remained positive overall, with several stocks recording double-digit gains despite a handful of laggards. The latest surge underscores growing optimism in Nigeria’s equities market as investors continue to seek value and hedge against macroeconomic uncertainties.
source: punch