The Nigerian stock market continued its impressive recovery on Monday, delivering a massive N3.17 trillion gain for investors as renewed buying activity swept across major sectors of the economy. The rally pushed the Nigerian Exchange (NGX) All-Share Index above the crucial 234,000-point mark, signaling renewed confidence among investors after last week’s market correction.
The strong performance follows Friday’s rebound, which had already added N3.16 trillion to market capitalization. According to trading data from the NGX, the benchmark All-Share Index climbed by 2.15 percent to close at 234,178.23 points, up from 229,240.19 points recorded in the previous session. Market capitalization also rose significantly to N150.27 trillion, while the year-to-date return improved to an impressive 50.49 percent.
Analysts attributed the surge to aggressive buying by institutional investors and bargain hunters who seized opportunities in fundamentally strong stocks. Market heavyweights including First HoldCo, Wema Bank, Aradel Holdings, Dangote Cement, Lafarge Africa, GTCO, Access Holdings, UBA, Fidelity Bank, MTN Nigeria, Oando, and NGX Group attracted strong demand as investors positioned themselves ahead of the second-quarter earnings season.
The rally was broad-based, with 54 stocks recording gains against just 12 losers. First HoldCo and Wema Bank topped the gainers’ list after both advanced by the maximum daily limit of 10 percent. Aradel Holdings, NGX Group, and Veritas Kapital Assurance also posted strong gains. On the downside, Nigerian Aviation Handling Company (NAHCO), Vitafoam Nigeria, Chemical and Allied Products (CAP), FTG Insurance, and Thomas Wyatt Nigeria led the losers’ chart. Sector performance remained positive across the board, with Industrial Goods leading the charge, followed closely by Oil and Gas, Banking, Insurance, Consumer Goods, and Commodities.
Trading activity also reflected the renewed market optimism. Total volume traded rose by 18.40 percent to 538.64 million shares, while transaction value jumped 40.18 percent to N38.70 billion, highlighting stronger participation from institutional and high-net-worth investors. Zenith Bank emerged as the most actively traded stock by both volume and value, while GTCO, Fidelity Bank, MTN Nigeria, and Aradel Holdings also recorded significant activity. With all major sectoral indices closing in positive territory and expectations of strong second-quarter corporate earnings growing, analysts believe the bullish momentum could continue in the coming weeks.
source: nairametrics