Nigeria’s stock market sustained its bullish momentum on Monday, delivering another strong session that added N3.17 trillion to investors’ wealth.
Renewed demand for banking, industrial, oil and gas, and insurance stocks pushed the benchmark index above the 234,000-point threshold, according to Nairametrics.
The latest gains followed Friday’s impressive rebound, when the Nigerian Exchange (NGX) All-Share Index climbed 2.19% to settle at 229,240.34 points. That performance lifted the year-to-date return to 47.31% and increased market capitalisation by N3.16 trillion to N147 trillion.
Figures released by the Nigerian Exchange for Monday, July 6, showed the market built on that recovery, with the All-Share Index advancing by 2.15% to close at 234,178.23 points from Friday’s 229,240.19 points. Market capitalisation also expanded to N150.27 trillion.
The latest surge effectively erased a sizeable portion of last week’s losses as investors returned to fundamentally strong blue-chip stocks. The renewed buying activity boosted the market’s year-to-date return to 50.49% while strengthening overall investor sentiment.
Heavy institutional demand for major stocks fuelled the rally, with notable interest recorded in First HoldCo, Wema Bank, Aradel Holdings, Dangote Cement, Lafarge Africa, GTCO, Access Holdings, UBA, Fidelity Bank, MTN Nigeria, Nigerian Breweries, Oando and NGX Group as investors repositioned ahead of the second-quarter earnings season.
Market sentiment remained overwhelmingly positive throughout the session, with advancing stocks significantly outnumbering decliners, while every major sectoral index ended the day in positive territory.
Highlights of Monday’s trading include:
– All-Share Index: 234,178.23 points, up 2.15%
– Market Capitalisation: N150.27 trillion, up approximately N3.17 trillion
– Volume Traded: 538.64 million shares, up 18.40%
– Value Traded: N38.70 billion, up 40.18%
– Deals: 64,065 transactions, up 32.88%
– Year-to-Date Return: 50.49%
– Market Breadth: 54 gainers against 12 losers
Top 5 Gainers:
– First HoldCo — up 10.00% to N60.50
– Wema Bank — up 10.00% to N29.70
– Aradel Holdings — up 9.99% to N1,403.30
– NGX Group — up 9.96% to N129.75
– Veritas Kapital Assurance — up 9.92% to N1.44
Top 5 Losers:
– Nigerian Aviation Handling Company (NAHCO) — down 10.00% to N133.65
– Vitafoam Nigeria — down 10.00% to N170.10
– Chemical and Allied Products (CAP) — down 9.99% to N157.60
– FTG Insurance — down 9.94% to N2.90
– Thomas Wyatt Nigeria — down 9.45% to N2.49
First HoldCo and Wema Bank topped the gainers’ list after both stocks appreciated by the maximum daily limit of 10%.
They were closely followed by Aradel Holdings, NGX Group and Veritas Kapital Assurance, all of which recorded near-maximum price increases during the trading session.
Among the laggards, NAHCO and Vitafoam Nigeria led the losers after each declined by 10%, while CAP, FTG Insurance and Thomas Wyatt Nigeria also posted notable losses.
Monday’s performance reflected renewed institutional confidence in fundamentally attractive stocks, particularly across the banking, industrial and energy sectors, following the previous week’s market correction.
The Industrial Goods Index delivered the strongest sectoral performance, rising 4.89% on the back of gains in Dangote Cement, which advanced 8.08%, and Lafarge Africa, which added 7.53%.
The Oil & Gas Index gained 4.22%, supported mainly by Aradel Holdings’ 9.99% appreciation alongside positive movement in Oando.
Banking stocks also maintained their leadership, with the sector index climbing 3.05% as investors accumulated shares in First HoldCo, GTCO, Access Holdings, UBA, Fidelity Bank, FCMB and Wema Bank.
The Insurance and Commodity indices each appreciated by 2.70%, while the Consumer Goods Index recorded a modest gain of 0.57%.
Trading activity also improved considerably during the session. The volume of shares exchanged increased by 18.40% to 538.64 million, while the total value traded surged 40.18% to N38.70 billion, reflecting stronger participation from institutional and high-net-worth investors.
Zenith Bank emerged as the most actively traded stock by both volume and value, accounting for 89.46 million shares, representing 16.61% of total volume, while transactions worth N9.77 billion made up 25.24% of the day’s total value traded.
GTCO and Fidelity Bank ranked next in trading volume, while MTN Nigeria and Aradel Holdings followed Zenith Bank among the highest-valued stocks traded.
Monday’s N3.17 trillion gain reversed much of the losses recorded during last week’s sell-off and lifted the NGX All-Share Index back above the 234,000-point level.
The market’s year-to-date return also recovered to 50.49%, underscoring the strength of the latest rebound.
All six major sectoral indices finished higher, highlighting the broad-based nature of the market’s recovery.
Analysts expect the positive trend to continue in the short term, supported by portfolio rebalancing, attractive valuations following recent declines and growing optimism over second-quarter corporate earnings.
