The Nigerian equities market began the trading week on a positive note as strong buying interest in medium- and large-cap stocks lifted the total market capitalisation by N443bn.
The benchmark All-Share Index of the Nigerian Exchange Limited (NGX) rose by 688.43 points, representing a 0.34 per cent gain to close at 204,458.86 points. As a result, the market capitalisation increased to N131.609tn, reflecting renewed investor confidence despite prevailing macroeconomic challenges.
Market sentiment remained upbeat during the trading session as 31 gainers outpaced 24 losers. The rally was largely driven by gains in prominent stocks such as Guinness Nigeria, Nigerian Exchange Group, Stanbic IBTC Holdings, Nigerian Breweries, and Computer Warehouse Group.
Among the day’s top performers, Nigerian Exchange Group recorded the highest price gain, rising by the maximum 10 per cent to close at N153.45 per share. Trans-Nationwide Express Plc followed with a 9.81 per cent increase to N4.14, while McNichols Consolidated Plc advanced 9.74 per cent to close at N7.10.
Other notable gainers included VFD Group Plc and Chams Holding Company Plc, which appreciated by 9.71 per cent and 8.96 per cent, respectively.
On the downside, bears weighed on some counters led by Berger Paints Nigeria Plc, which declined 9.95 per cent to close at N68.35. Academy Press Plc dropped 9.71 per cent to N7.90, while Caverton Offshore Support Group Plc fell 5.98 per cent.
Additionally, Honeywell Flour Mills Plc and Chemical and Allied Products Plc recorded declines of 4.92 per cent and 3.81 per cent, respectively.
Trading activity cooled slightly during the session, with total volume traded dropping 14.33 per cent to 470.008 million units, valued at N32.449bn.
The banking sector dominated trading activity, led by Access Holdings Plc with 54.914 million shares traded, followed by Guaranty Trust Holding Company Plc and Zenith Bank Plc.
Analysts at United Capital Plc said the market is expected to remain “selectively constructive” in the days ahead, as investors rotate funds into fundamentally strong and dividend-paying stocks.
According to the analysts, investors are increasingly prioritising income stability and strong balance sheets, particularly amid high bond yields and persistent inflationary pressures that continue to compete for investment capital.
Meanwhile, major blue-chip stocks such as Dangote Cement Plc and Lafarge Africa Plc closed the session unchanged, suggesting that while the market rallied, investors remain cautious and selective in their positions.
