Airtel Africa, Banking Giants Power NGX Rally as Investors Gain N1.64 Trillion in Two-Day Rebound
The Nigerian stock market continued its impressive rebound on Tuesday as investors gained N1.64 trillion in market value, extending the recovery seen in the previous trading session. Renewed buying interest in heavyweight stocks such as Airtel Africa, GTCO, Access Holdings, First HoldCo, Lafarge Africa, and Zenith Bank helped push the Nigerian Exchange (NGX) higher, signaling growing confidence among investors after weeks of market volatility.
At the close of trading, the NGX All-Share Index (ASI) climbed by 1.06 percent to settle at 240,743.19 points, up from 238,219.19 points recorded on Monday. Market capitalization also rose significantly to N154.48 trillion. The latest surge follows Monday’s N1.52 trillion gain, bringing total investor gains over the two sessions to more than N3 trillion and suggesting that bargain hunters are steadily returning after the recent market correction that erased over N16 trillion from market value.
Airtel Africa emerged as one of the strongest performers of the day, recording the maximum allowable gain of 10 percent to close at N4,358.80 per share. The telecom giant played a key role in supporting the benchmark index, while banking stocks maintained their upward momentum. GTCO, Access Holdings, First HoldCo, and Zenith Bank all posted gains, reflecting sustained investor appetite for fundamentally strong companies with solid earnings prospects.
The insurance sector delivered the best sectoral performance, advancing 2.84 percent on the back of strong gains in Guinea Insurance, International Energy Insurance, Cornerstone Insurance, and Sovereign Trust Insurance. Consumer goods and industrial stocks also recorded modest gains, supported by select buying activity. Meanwhile, the oil and gas sector closed slightly lower as losses in Oando offset gains elsewhere in the market.
Trading activity remained robust, with investors exchanging 564.91 million shares worth N39.35 billion. Market breadth improved as 32 stocks recorded gains compared to 23 losers, indicating broader participation in the rally. With the year-to-date return now standing at 54.71 percent, analysts say investor sentiment appears to be improving. However, market participants remain cautious as they monitor corporate earnings expectations, macroeconomic developments, and the possibility of profit-taking in the months ahead. For now, the NGX’s back-to-back gains suggest that confidence is gradually returning to Nigeria’s equities market.
source: nairametrics