The Nigerian Exchange (NGX) began the week on a strong note as investors recorded a massive N1.76 trillion gain on Monday, pushing the market capitalisation to N158.81 trillion. The bullish sentiment lifted the NGX All-Share Index (ASI) by 1.12 percent to 246,183.96 points, extending the positive momentum from the previous week. The impressive performance also pushed the market’s year-to-date return to 58.20 percent, reflecting growing investor confidence across key sectors of the economy.
At the heart of the rally was First HoldCo, which continued its remarkable upward run by gaining 9.95 percent to close at N105.50 per share. The stock broke past its previous 52-week high of N87.25 and emerged as the most actively traded equity of the day. Investors exchanged more than 203 million shares worth N21.52 billion, accounting for nearly half of the market’s total value traded. The surge followed the release of the company’s half-year financial results, which revealed a pre-tax profit of over N653.5 billion, reinforcing confidence in the group’s growth prospects.
Market activity was equally impressive, with trading volume rising by 24.17 percent to 851.63 million shares, while turnover increased by 16.19 percent to N49.59 billion. The number of completed deals also climbed significantly, highlighting renewed investor participation. Banking stocks led the charge, helping the NGX Banking Index advance by 3.14 percent, while the Industrial Index gained 2.82 percent. Insurance and Oil & Gas stocks also recorded modest gains, underscoring broad-based buying interest across the market.
Several heavyweight stocks contributed to the market’s strong performance. NGX Group rose by 6.63 percent, United Bank for Africa gained 6.37 percent, while Zenith Bank, Access Holdings, Guinness Nigeria, Oando, and Unilever Nigeria all closed higher. Among the day’s top gainers were Custodian Investment and NEM Insurance, both hitting the maximum daily gain of 10 percent. On the flip side, Sunu Assurances, Tripple Gee, ABC Transport, Abbey Mortgage Bank, and Wapic Insurance ended the session among the biggest losers.
Analysts believe the latest rally reflects continued institutional demand and strategic portfolio repositioning, particularly in banking and industrial stocks. While market sentiment remains positive, experts caution that profit-taking could emerge in stocks that have recorded significant gains in recent weeks, especially First HoldCo and BUA Cement. Even so, the market’s strong fundamentals and sustained investor interest suggest that the bullish trend could remain intact in the near term.
source: nairametrics
