NGX Market Cap Soars by N710bn as Investor Confidence Boosts Oil, Industrial, and Consumer Stocks

The Nigerian Exchange (NGX) saw a significant surge in market capitalization yesterday, gaining N710 billion as investors returned to key sectors. Market cap rose from N125.49 trillion on Monday to N126.20 trillion on Tuesday, while the All-Share Index (ASI) increased from 195,514.23 to 196,621.96 points, signaling renewed confidence in the market.

Investor enthusiasm was particularly evident in the oil and gas, industrial, and consumer goods sectors, with several blue-chip stocks posting double-digit gains. SUNU Assurances Plc and UACN Plc led the charge, each climbing 10 per cent. SUNU Assurances increased from N4.40 to N4.84 per share, while UACN rose from N97.00 to N106.70.

Other notable performers included Oando Plc, which gained 9.96 per cent to close at N50.25, and Sovereign Trust Insurance, which advanced 9.88 per cent to N2.67. FTN Cocoa Processors climbed 9.71 per cent, and Aradel Holdings delivered one of the largest value gains, adding N108.10 to close at N1,300.40, a 9.07 per cent rise. Custodian Investment Plc and RT Briscoe also posted solid gains.

Market breadth closed positive with 39 equities recording gains against 36 decliners. However, some stocks experienced declines, including FG202033S6, which fell 28.64 per cent, Fidson Healthcare down 10 per cent, and Meyer Plc down 9.95 per cent. Other laggards included ALEX Plc, McNichols Plc, and several banking stocks, reflecting selective profit-taking among investors.

Sectoral performance remained mixed. Gains were seen in Consumer Goods, Oil and Gas, and Industrial indices, while banking and insurance counters faced mild profit-taking. Analysts suggest the market’s resilience highlights investor optimism in Nigeria’s economic recovery and key sectors that continue to drive growth.

source: leadership