NGX Market Capitalisation Surges by N1.66tn as Bullish Momentum Drives Nigerian Stock Market Rally

The Nigerian Exchange (NGX) recorded a strong upswing in market performance as bullish sentiment continued to dominate trading activities, lifting the total market capitalisation by N1.66tn. The market opened at N134.772tn and closed higher at N136.435tn, reflecting sustained investor appetite for fundamentally solid stocks across key sectors.

The All-Share Index (ASI) also mirrored this positive momentum, rising from 209,317.41 points at the start of trading to 211,901.02 points at close. The broad-based rally highlighted continued confidence in the equities market, supported by steady accumulation in both mid-cap and selected large-cap stocks.

Market breadth remained firmly positive, with 45 gainers compared to 21 losers. Among the top performers were Guinea Insurance and Trans-Nationwide Express, both recording the maximum daily gain of 10.00 per cent. Aradel Holdings, Ecobank Transnational Incorporated, and Daar Communications also posted strong gains, reinforcing the bullish tone across the market.

On the flip side, some stocks came under selling pressure, with Ikeja Hotel leading the decliners after falling 9.73 per cent. Wapic Insurance, CAP Plc, International Energy Insurance, and McNichols also closed lower, reflecting selective profit-taking by investors in previously strong performers.

Despite the mixed movements in individual stocks, overall sentiment remained optimistic. Analysts suggest the rally could extend into the next trading session, driven by bargain hunting and portfolio repositioning ahead of upcoming earnings and dividend announcements, although intermittent profit-taking may temper further upside in overheated stocks.