Equities Rally As Investors Drive N1.72trn Gain

The Nigerian equities market kicked off the month of March on a strong footing, recording a N1.72 trillion gain in market capitalisation on the first trading day of the month as investors returned from the weekend with renewed buying interest.
At the close of trading yesterday, the first trading session for March market capitalisation rose from N123.76 trillion recorded on Friday, February 27, to N125.49 trillion. The sharp increase reflected widespread bargain hunting and sustained demand for large- and mid-cap stocks across major sectors of the market.

Similarly, the All-Share Index (ASI) climbed from 192,826.78 points to 195,514.23 points, underscoring strong positive sentiment and positioning by investors at the start of the new month. The session also saw the benchmark index touch a high of 195,514.23 points, while the average index level settled at 194,152.73.
Market breadth closed firmly positive, with 31 gainers matching 31 losers, indicating active participation across counters.

Topping the gainers’ chart was NGX Group, which appreciated by 10 per cent to close at N136.40 per share, up from N124.00. ARadel followed with a 9.99 per cent gain to close at N1,192.30, while Union Home Reit advanced by 9.96 per cent to N76.15.
Sovereign Trust Insurance rose by 9.95 per cent to close at N2.43, and PZ Cussons Nigeria gained 9.72 per cent to settle at N79.00. Other notable advancers included FTG Insurance, Oando, Transcorp, Dangote Cement and MTN Nigeria, which posted gains of 9.57 per cent, 9.33 per cent, 6.63 per cent, 3.97 per cent and 3.03 per cent respectively.

On the losers’ table, Custodian Investment Plc recorded the highest decline, shedding 10 per cent to close at N61.20 per share. McNichols Plc dropped 9.92 per cent to N7.63, while Africa Prudential fell by 9.75 per cent to N16.20.
Other decliners included CHAMS, Neimeth International Pharmaceuticals, Cornerstone Insurance, Mansard Insurance and Tantalizers, which lost between 6 per cent and 9 per cent. Banking stocks such as UBA and FCMB also closed lower, reflecting mixed sentiment in the financial services space.

Sectoral performance was broadly positive, with gains recorded across the Consumer Goods, Oil and Gas, Industrial and Banking indices. The NGX 30 Index and NGX Premium Index also trended upward, highlighting sustained investor appetite for fundamentally strong and blue-chip stocks.