Nigerian Stocks Gain as All-Share Index Tops 234,000 Points

The Nigerian Exchange extended its rally on Monday, with the All-Share Index climbing 2.15% to close at 234,178.23 points, its highest level in the past week, as investors piled into banking, industrial and oil and gas stocks.

Market capitalisation rose to N150.27 trillion from N147.10 trillion on Friday, adding roughly N3.17 trillion in value in a single session. 

The index had dipped as low as 224,321.97 points on Thursday before staging a steady recovery through Friday.

Trading was broad-based, with 54 equities advancing and 12 declining. 

First Holdco and Wema Bank led the gainers’ table, both adding the maximum 10 percent to close at N60.50 and N29.70, respectively. 

Aradel Holdings surged 9.99% to N1,403.30, while Nigerian Exchange Group itself gained 9.96% to N129.75.

Other notable advancers included Dangote Cement, up 8.08% to N963.00, and Lafarge Africa, which climbed 7.53% to N312.90, lifting the industrial goods sector. 

In the banking space, GTCO rose 4.79%, Access Holdings gained 3.98%, and United Bank for Africa added 3.41%, though Zenith Bank bucked the trend, slipping 1.64% to N105.00.

On the losing side, Nigerian Aviation Handling Company and Vitafoam Nigeria each shed the maximum 10%, closing at N133.65 and N170.10 respectively. 

CAP Plc fell 9.99% to N157.60, while Thomas Wyatt Nigeria dropped 9.45%.

Sector indices largely mirrored the broader market’s strength. 

The NGX Banking Index climbed to 2,113.54 points, the NGX Insurance Index rose to 1,118.45, and the NGX Oil/Gas Index advanced to 5,066.24. 

The NGX Premium Index, which tracks the exchange’s most capitalised and liquid stocks, gained to 25,239.96 points.

Overall, 63,976 deals were recorded across the equities market, with a total volume of 538.6 million shares changing hands. 

The financial services sector dominated activity, accounting for the bulk of trades, followed by ICT and industrial goods counters.

In the exchange-traded funds segment, the VSP Bond ETF led gainers with a 6.81% rise, while the Stanbic IBTC ETF 30 recorded the day’s steepest ETF decline, losing 10%. 

The bond market remained largely quiet, with no debt gainers or losers recorded for the day.