NGX Rally Continues as Investors Gain N1.64tn, Airtel Africa and Banking Stocks Lead Surge
The Nigerian Exchange (NGX) sustained its bullish momentum on Tuesday, with investors recording significant gains as renewed buying interest pushed the market higher for the second straight trading session. The benchmark All-Share Index climbed by 2,524.00 points, representing a 1.06 per cent increase, to close at 240,743.19 points. The positive performance also lifted the total market capitalisation by N1.64tn, bringing the value of listed equities to N154.48tn and reinforcing confidence in the local stock market.
Market analysts attributed the rally to strong demand for medium and large-cap stocks, particularly Airtel Africa, Guaranty Trust Holding Company, Transnational Corporation, Lafarge Africa, and Zichis Agro Allied Industries. The gains reflected growing investor optimism as traders continued to position themselves in fundamentally strong stocks despite broader economic uncertainties. Positive market breadth further highlighted the bullish sentiment, with 33 stocks recording gains compared to 23 decliners.
Leading the pack of gainers were Guinea Insurance and Airtel Africa, both posting the maximum daily appreciation of 10 per cent. Guinea Insurance closed at N1.10 per share, while Airtel Africa settled at N4,358.80. International Energy Insurance followed closely with a 9.89 per cent rise to N6.11, while Tripple Gee & Company and Cornerstone Insurance advanced by 9.82 per cent and 9.76 per cent respectively, reflecting widespread buying interest across multiple sectors.
Not all stocks shared in the market’s optimism. Red Star Express emerged as the biggest loser, shedding 9.96 per cent to close at N24.85 per share. Premier Paints also declined by 9.93 per cent, while Trans-Nationwide Express, Royal Exchange, and Abbey Mortgage Bank recorded notable losses as investors took profits and adjusted their portfolios. Despite these declines, the overall market direction remained firmly positive.
Trading activity also witnessed a significant boost, underscoring heightened investor participation. Total share volume traded jumped by 15.74 per cent to 564.91 million units valued at N39.35bn across 49,230 deals. Fidelity Bank topped the volume chart with 59.37 million shares worth N1.08bn, followed by Zenith Bank, Dangote Sugar Refinery, Chams Holding Company, and Access Holdings. The strong trading volumes and continued gains suggest that investor confidence remains resilient, positioning the NGX for further positive momentum if buying pressure is sustained in the coming sessions.
source: punch