Banking stocks lift NGX by 0. 98% as market cap gains N1. 58trn
The Nigerian equities market rebounded strongly on Thursday as renewed buying interest in banking heavyweights and other blue-chip stocks lifted the NGX All-Share Index (ASI) by 0. 98 percent to close at. . .
The Nigerian equities market rebounded strongly on Thursday as renewed buying interest in banking heavyweights and other blue-chip stocks lifted the NGX All-Share Index (ASI) by 0. 98 percent to close at 247,831. 40 points. The positive session added approximately N1. 58 trillion to the market’s capitalisation, which rose to N159. 89 trillion, while the market’s year-to-date return improved to 59. 26 percent from 57. 71 percent in the previous session. The recovery was driven largely by gains in major stocks, with First HoldCo Plc rising 9. 91 percent, Access Holdings Plc gaining 9. 98 percent, Zenith Bank Plc advancing 4. 4 percent and BUA Cement Plc appreciating 4. 5 percent. Other notable advances came from Guinness Nigeria Plc and Unilever Nigeria Plc, which gained 10 percent and 7. 64 percent respectively. The gains in large-cap counters helped offset losses in stocks including Cornerstone Insurance Plc, Africa Prudential Plc and MECURE Industries Plc. Market breadth remained positive at 1. 3x, as 35 advancers outpaced 27 decliners, indicating sustained buying interest despite the sharp decline in trading activity. Guinness Nigeria Plc and Access Holdings Plc led the gainers, while MECURE Industries Plc and FTN Cocoa Processors Plc recorded the most significant declines, falling 10 percent and 9. 2 percent respectively. The banking sector led the sectoral rally, rising 3. 92 percent, followed by the Industrial Goods Index, which gained 1. 27 percent. The Insurance and Consumer Goods indices also advanced by 0. 75 percent and 0. 63 percent respectively, while the Oil and Gas sector edged up 0. 04 percent. The Commodity sector closed flat. However, the market’s positive performance was accompanied by a broad slowdown in trading activity. Total volume traded fell 37. 54 percent to 782. 35 million shares, while transaction value plunged 52. 36 percent to N56. 30 billion. The number of deals also declined 2. 5 percent to 46,273 transactions. First HoldCo Plc dominated trading activity, emerging as the most traded stock by both volume and value. Investors exchanged 106. 40 million shares of the company valued at N12. 49 billion. Analysts expect the market’s positive momentum to persist in the near term, supported by strategic portfolio rebalancing and renewed demand for banking stocks. However, profit-taking in recently appreciated counters could limit the pace of further gains as investors seek to lock in returns following the market’s strong year-to-date rally. WATCH TOP VIDEOS FROM NIGERIAN TRIBUNE TVBack to School, Back to Business A Fresh StartRelationship Hangout: Public vs Private Proposals – Which Truly Wins in Love?“No” Is a Complete Sentence: Why You Should Stop Feeling GuiltyRelationship Hangout: Friendship Talk 2025 – How to Be a Good Friend & Big Questions on FriendshipPolice Overpower Armed Robbers in Ibadan After Fierce StruggleGet real-time news updates from Tribune Online! Follow us on WhatsApp for breaking news, exclusive stories and interviews, and much more. Join our WhatsApp Channel now