NGX Market Rally Adds N629bn as Airtel Africa, 46 Stocks Drive Strong Bullish Momentum

The Nigerian Exchange Limited (NGX) closed on a positive note as investor confidence strengthened, pushing the market capitalisation up by N629 billion. The rally was largely driven by strong performances from Airtel Africa and 46 other listed stocks, signaling renewed optimism in the equities market.

The All-Share Index (ASI) climbed to 242,729.51 points, up from the previous 241,750.15 points, while market capitalisation rose to N155.78 trillion from N155.15 trillion. The gains were supported by increased buying interest in medium- and large-cap stocks across key sectors.

Leading the market surge, Airtel Africa stood out with a 10 per cent gain, closing at N3,323.40 kobo. Other notable gainers included Chemical and Allied Products (CAP), Vitaform Nigeria, Berger Paints, and Dangote Sugar Refinery, all contributing to the positive market breadth, which recorded 47 gainers against 23 losers.

Market analysts noted that the bullish trend may continue in the short term. Cowry Assets Management Limited explained that renewed investor sentiment, supported by ongoing earnings releases, is likely to sustain momentum as traders position ahead of corporate results.

However, not all stocks ended the session in the green. SUNU Assurance led the laggards with a 10 per cent decline, followed by Guinness Nigeria and Caverton Offshore Support Group. Meanwhile, trading activity also rose, with volume increasing by 11.59 per cent to 1.415 billion units, highlighting strong participation from investors across major stocks like CWG, Access Holdings, and Zenith Bank.

source: The Guardian