NGX: Renewed buying interest lifts market cap by N2.32trn

The Nigerian stock market on Monday recovered from losses recorded in previous sessions as renewed buying interest in major and selected equities lifted the benchmark index.

The NGX All-Share Index (ASI) advanced by 1.44% to close at 252,456.74 points, up from 248,877.22 points on Friday.

The increase added approximately N2.32trn to the market capitalisation, while the market’s year-to-date (YTD) return strengthened to 62.23%.

The renewed buying interest was concentrated in large and mid-cap stocks such as DANGCEM (+9.61%), OANDO (+8.46%), FIDELITYBK (+6.85%), TRANSPOWER (+5.65%), ACCESSCORP (+2.23%), ETERNA (+0.83%), NEM (+0.53%), and ZENITHBANK (+0.09%).

Despite the benchmark’s strong recovery, market breadth remained negative, with 20 equities advancing against 28 decliners, indicating that the gains were concentrated in selected stocks rather than reflecting a broad-based market rally.

Sectoral performance was largely positive, with the Industrial Goods Index leading the advance, gaining 5.68 per cent.

Insurance stocks followed with a 1.28 per cent increase, while the Commodities, Banking and Oil and Gas indices appreciated by 0.42 per cent, 0.25 per cent and 0.22 per cent, respectively.

The Consumer Goods sector was the only laggard, shedding 0.03 per cent.

The industrial sector’s strong performance provided significant support for the broader market, reinforcing the influence of heavyweight stocks on the direction of the benchmark index.

Trading activity also improved considerably, pointing to stronger investor participation.

Total turnover increased by 13.71 per cent to N30.55 billion, while traded volume rose by 20.03 per cent to 453.41 million shares.

The number of transactions advanced by 31.30 per cent to 42,891 deals, indicating increased market activity as investors repositioned their portfolios at the start of the week.

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