Nigerian Equities Surge N1.086 Trillion as Banking and Large-Cap Stocks Drive Market Rally

The Nigerian equities market recorded a significant boost on Tuesday, advancing by N1.086 trillion as renewed investor interest in select large-cap and banking stocks lifted overall market sentiment. The All Share Index (ASI) rose by 1,691.86 points, marking a 0.85% increase to close at 200,705.88 points, while market capitalization expanded to N128.836 trillion.

The surge was fueled by strong performances in medium and large-cap stocks, with notable gains in Airtel Africa, Presco, Guaranty Trust Holding Company (GTCO), Premier Paints, and Nigerian Exchange Group. Analysts noted that the market’s upward trajectory was also supported by active buying in the Banking, Consumer Goods, Insurance, and Commodities sectors.

Imperial Asset Managers Limited highlighted that the market remains cautiously optimistic, with investors strategically focusing on fundamentally strong and dividend-paying stocks. The firm added that while profit-taking could continue in recently appreciated counters, institutional activity is likely to remain concentrated in high-liquidity, bellwether stocks.

Market breadth remained positive, recording 37 gainers against 23 losers. Leading the price gains were John Holt, Consolidated Hallmark Insurance, Legend Internet, and Airtel Africa, each rising 10% to close at N14.30, N4.95, N6.60, and N2,497 per share respectively. Zichis Agro-Allied Industries and Premier Paints followed closely, climbing 9.97% and 9.94% to N10.37 and N28.20 per share.

Trading activity was robust, with total volume rising 25.01% to 1.292 billion units valued at N65.335 billion across 89,949 deals. Access Holdings led the activity chart with 266.788 million shares traded, followed by GTCO with 184.379 million shares and Wema Bank with 182.483 million shares. United Bank for Africa and Zenith Bank also recorded strong turnover, reflecting sustained investor confidence in the banking sector.

source: Leadership