Investors gain N1. 76tn as banking stocks pushes NGX cap to N158. 8trn
The Nigerian Exchange Limited (NGX) began the week on a strong footing on Monday as renewed demand for banking and industrial stocks lifted investors’ wealth by N1. 76 trillion, extending the market’s. . .
The Nigerian Exchange Limited (NGX) began the week on a strong footing on Monday as renewed demand for banking and industrial stocks lifted investors’ wealth by N1. 76 trillion, extending the market’s record-breaking rally and pushing the benchmark index to another all-time high. The NGX All-Share Index (ASI) advanced by 1. 12 per cent to close at 246,183. 96 points, while the market capitalisation rose to N158. 81 trillion. The latest gain lifted the market’s year-to-date return to 58. 2 per cent, with the month-to-date return improving to 7. 3 per cent, underscoring sustained investor confidence in Nigerian equities despite intermittent profit-taking. The rally was driven largely by strong buying interest in heavyweight banking and industrial stocks, led by BUA Cement Plc, First HoldCo Plc, United Bank for Africa Plc, Zenith Bank Plc, and Custodian Investment Plc. BUA Cement, First HoldCo and Custodian each appreciated by the maximum daily limit of 10 per cent, while UBA gained 6. 4 per cent and Zenith Bank rose 2. 4 per cent. Sectoral performance was overwhelmingly positive. The Banking Index recorded the strongest gain, rising 3. 1 per cent, buoyed by advances in First HoldCo, UBA and Zenith Bank. The Industrial Goods Index followed with a 2. 8 per cent increase, largely supported by BUA Cement. The Insurance Index added 0. 3 per cent, while the Oil and Gas Index edged higher by 0. 1 per cent. Consumer Goods and Commodity stocks closed largely unchanged, suggesting investors concentrated their buying in financial and industrial names. Despite the strong market performance, underlying sentiment remained mixed. Market breadth was broadly neutral to slightly negative, as 31 declining stocks marginally outpaced or matched 29 to 31 gainers, indicating that gains were concentrated in a handful of heavyweight equities rather than across the broader market. Among the day’s top performers were Custodian Investment Plc and NEM Insurance Plc, both gaining 10 per cent. On the losers’ chart, SUNU Assurance Plc shed 10 per cent, while Tripple Gee & Company Plc declined 9. 8 per cent. Other notable laggards included Associated Bus Company Plc, Abbey Mortgage Bank Plc, and Wapic Insurance Plc. Market analysts said continued portfolio rebalancing by institutional investors, alongside expectations of stronger corporate earnings, has kept buying momentum intact even as valuations climb to historic highs. Trading activity also reflected the renewed optimism, with investors exchanging between 837 million and 852 million shares worth approximately N49 billion in over 56,000 deals, representing significant increases in volume, value and transaction count compared with the previous trading session. First HoldCo Plc emerged as the most actively traded stock, accounting for about 203. 9 million shares valued at N21. 52 billion, highlighting sustained investor interest in banking counters. Market operators expect the bullish momentum to persist in the near term, supported by strategic portfolio repositioning and sustained investor appetite for fundamentally strong stocks. However, they cautioned that bouts of profit-taking in recently appreciated counters could moderate the pace of further gains as investors lock in profits from the market’s remarkable 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