Seplat, Stanbic, Lafarge Drive N883bn Nigerian Stock Market Rally as NGX Hits New High

The Nigerian Exchange (NGX) extended its bullish momentum on Tuesday as investor confidence pushed the market to a fresh milestone. The total market capitalisation jumped by N883bn, closing at N132.492tn, while the All-Share Index rose by 1,372.52 points to settle at 205,831.38 points. The rally reflected sustained buying interest across key sectors of the market.

Heavyweight stocks played a central role in driving the upward movement, with Seplat Energy, Nigerian Exchange Group, Stanbic IBTC Holdings, Lafarge Africa, and MeCure Industries recording strong gains. Their performance helped reinforce optimism among investors, especially in large- and mid-cap equities that continue to anchor market direction.

Market breadth remained firmly positive, with 40 gainers outpacing 21 losers. Standout performers included Ecobank Transnational Incorporated and Stanbic IBTC Holdings, both rising by 10 per cent. Nigerian Exchange Group also posted a near-maximum gain of 9.97 per cent, while Cornerstone Insurance and MeCure Industries followed closely with strong advances, signaling broad-based buying activity.

On the flip side, a few stocks came under selling pressure as profit-taking emerged in select counters. Fortis Global Insurance led the laggards, shedding 8.20 per cent, while McNichols Consolidated and Academy Press also recorded notable declines. Despite this, overall market sentiment remained upbeat as gains outweighed losses significantly.

Trading activity also strengthened, with volume rising by 21.13 per cent to 569.31 million units valued at N32.25bn across 45,777 deals. Access Holdings dominated trading volume, while Zenith Bank led in value terms. Analysts expect the bullish trend to persist in the short term, although they caution that intermittent profit-taking could moderate further gains as investors continue to reposition in fundamentally strong stocks.

source: punch