Nigerian Breweries Surges Nearly 10% as NGX Market Capitalization Hits N161 Trillion
The Nigerian stock market continued its bullish run on Tuesday as the Nigerian Exchange (NGX) All-Share Index climbed to a historic high of 252,411.7 points, driven by strong gains in major stocks including Nigerian Breweries and Aradel Holdings. The market added 1,926.1 points, representing a 0.77% increase from the previous trading session, while investors showed renewed confidence across key sectors of the economy.
Market capitalization also rose significantly to N161.6 trillion from N160.2 trillion recorded in the previous session, reflecting growing investor participation and sustained buying momentum. Trading activity remained impressive, with total volume traded increasing to 2.02 billion units across 80,888 deals. Analysts say the rally highlights improving sentiment among local investors despite ongoing economic uncertainties.
Among the top-performing large-cap stocks, Nigerian Breweries recorded one of the strongest gains of the day after its share price surged by 9.94%. Aradel Holdings also advanced by 6.89%, while Wema Bank and MTN Nigeria posted gains of 5.11% and 0.04% respectively. However, Lafarge Africa slightly declined by 0.29%, making it one of the few trillion-naira stocks that closed in the red.
On the broader market performance chart, Ikeja Hotel, University Press, and UHOMREIT emerged as the biggest gainers after recording the maximum daily appreciation of 10%. Zichis and FTN Cocoa also posted strong gains. On the losing side, Fortis Global Insurance and Custodian Investment led the laggards after their share prices dropped by 9.65% and 9.52% respectively. Meanwhile, CWG dominated trading volume with 432.8 million shares exchanged, while UBA topped the value chart with transactions worth N16.7 billion.
The latest rally extends the NGX recovery streak to three consecutive trading sessions following the market decline recorded on May 7. Market watchers believe the continued upward movement reflects stronger investor confidence in Nigerian equities, especially banking and consumer goods stocks. With the year-to-date return now standing at 62.20%, the Nigerian stock market is currently experiencing one of its strongest bullish phases in recent years.
source: nairametrics