By Seun Ibiyemi
Investors on the Nigerian Exchange (NGX) recorded a gain of ₦3.17 trillion on Monday as renewed buying interest in banking, industrial and oil and gas stocks reversed last week’s losses, lifting the equities market by 2.15 per cent.
The bullish session was driven by bargain hunting in mid-cap and blue-chip stocks, signalling a return of positive investor sentiment across the local bourse.
At the close of trading, the NGX All-Share Index (ASI) advanced by 4,937.89 basis points to 234,178.23 points, while market capitalisation rose by ₦3.168 trillion to ₦150.27 trillion.
Sectoral performance remained positive, with the Industrial Goods Index leading the rally after gaining 4.89 per cent, followed by the Oil and Gas Index, which appreciated by 4.22 per cent.
The Banking Index rose by 3.05 per cent, while the Insurance and Consumer Goods indices gained 2.70 per cent and 0.57 per cent, respectively.
Market analysts attributed the broad-based rally to strong demand for fundamentally sound stocks, including Aradel Holdings Plc, Dangote Cement Plc, Guaranty Trust Holding Company Plc (GTCO), Lafarge Africa Plc (WAPCO) and MTN Nigeria Communications Plc, which recorded notable price appreciation during the session.
Trading activity also improved significantly, with investors exchanging about 538.64 million shares valued at ₦38.70 billion in 64,065 deals.
This represented an increase of 18.40 per cent in trading volume and 40.18 per cent in transaction value compared with the previous trading session.
Zenith Bank Plc emerged as the most actively traded stock by value, accounting for 25.25 per cent of the total value traded, while it also led volume traded with 16.62 per cent, ahead of GTCO, Fidelity Bank Plc, Access Holdings Plc and Jaiz Bank Plc.
On the gainers’ chart, First HoldCo Plc and Wema Bank Plc appreciated by the maximum 10 per cent, while Aradel Holdings Plc gained 9.99 per cent.
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Other top-performing stocks included Nigerian Exchange Group Plc, which advanced 9.96 per cent, Veritas Kapital Assurance Plc (9.92 per cent), The Initiates Plc (9.86 per cent) and RT Briscoe Plc (9.85 per cent).
In contrast, Nigerian Aviation Handling Company (NAHCO) Plc and Vitafoam Nigeria Plc led the losers’ table after shedding 10 per cent each.
They were followed by CAP Plc, which declined by 9.99 per cent, FTN Cocoa Processors Plc by 9.94 per cent, Thomas Wyatt Nigeria Plc by 9.45 per cent, May & Baker Nigeria Plc by 5.25 per cent, and Chams Holding Company Plc, which fell 3.06 per cent.
Overall, market breadth remained firmly positive, with 54 gainers against 12 losers, reflecting widespread buying interest across the market.
Analysts said the strong rebound suggests improving investor confidence, with attention expected to remain on corporate earnings, dividend expectations and macroeconomic developments as key drivers of market direction in the coming sessions.
