Equities Surge 2.15% As Market Capitalisation Hits N150.27trn

The Nigerian equities market began the week on a bullish note, with the benchmark index advancing by 2.15 per cent as investors gained N3.168 trillion in market value.

The rally lifted the Nigerian Exchange Limited (NGX) All-Share Index (ASI) by 4,937.89 points to close at 234,178.23 points, while market capitalisation rose from N147.103 trillion to N150.271 trillion.

The strong performance was driven by sustained buying interest in large and medium-capitalised stocks, including Aradel Holdings, Dangote Cement, Lafarge Africa, Nigerian Exchange Group (NGX Group) and MTN Nigeria Communications (MTNN).

Commenting on market outlook, analysts at United Capital Plc said the positive momentum recorded at the close of last week could extend into the new trading week.

According to the firm, the banking sector is expected to remain resilient on the back of the ongoing recapitalisation exercise, while consumer goods and insurance stocks may continue to attract investors seeking defensive positions ahead of the second-half earnings season.

Market breadth remained firmly positive, with 54 gainers against 11 losers, reflecting broad-based investor optimism.

First Holdco and Wema Bank led the gainers’ chart, with the maximum daily appreciation of 10 per cent each, closing at N60.50 and N29.70 per share, respectively. Aradel Holdings followed with a 9.99 per cent gain, closing at N1,403.30 per share.

Nigerian Exchange Group appreciated by 9.96 per cent to N129.75, while Veritas Kapital Assurance gained 9.92 per cent to close at N1.44 per share.

On the losers’ chart, Nigerian Aviation Handling Company (NAHCO) and Vitafoam Nigeria recorded the largest daily losses of 10 per cent each, closing at N133.65 and N170.10 per share, respectively. CAP Plc declined by 9.99 per cent to N157.60 per share.

Fortis Global Insurance shed 9.94 per cent to close at N2.90, while Thomas Wyatt Nigeria fell by 9.45 per cent to N2.75 per share.

Trading activity also improved significantly, with total volume traded rising by 18.40 per cent to 538.639 million shares valued at N38.701 billion across 64,065 deals.

Zenith Bank emerged as the most actively traded stock by volume, accounting for 89.456 million shares worth N9.767 billion. Guaranty Trust Holding Company (GTCO) followed with 42.477 million shares valued at N5.395 billion, while Fidelity Bank traded 35.783 million shares worth N636.375 million.

Access Holdings recorded 31.004 million shares valued at N720.995 million, while Jaiz Bank exchanged 16.619 million shares worth N133.360 million.