Lagos – Nigeria’s equity market maintained its upward momentum on Monday, with total market capitalisation surpassing the N160 trillion mark. The All-Share Index closed at 250,485.54 points, reflecting an increase of 5,709.71 points for the day, which extends the year-to-date gain for the index. Capitalisation rose by 2.01 percent, moving from N157.094 trillion on Friday to N160.256 trillion, indicating broad-based buying across the exchange.
Trading activity was robust, with 1.49 billion shares changing hands in 94,834 transactions, amounting to a total value of N68.45 billion. Investor sentiment remained optimistic, as 59 stocks recorded gains while 21 experienced declines. Among the most active gainers were CHAMS, FTN Cocoa Processors, International Energy Insurance, Livestock Feeds, and RT Briscoe, each posting approximately 10 percent increases. Conversely, Prestige Insurance, Sovereign Trust Insurance, University Press, Ellah Lakes, and Tantalizers recorded the largest losses.
Veritas Kapital led in trading volume, with 194.63 million shares exchanged, accounting for 13.10 percent of the total volume. In terms of value, MTN Nigeria stood out with transactions worth N12.39 billion during the session. David Adonri, vice-president of Highcap Securities, attributed the rally to renewed confidence, improved macroeconomic conditions, and stronger liquidity. He noted that “many stocks closed on full bid, showing aggressive buying interest across the market.”
Adonri further explained that past negativity toward MTN, driven by xenophobic sentiment, has diminished as investors increasingly recognize the company’s predominantly Nigerian ownership and its significant role in the local market. He added that higher crude oil prices, improved energy supply, and a more stable operating environment are bolstering market sentiment, while an expanded money supply is contributing to the growth in equities.
The continued ascent of the All-Share Index and the surge in market capitalisation signal a resilient Nigerian stock market that is attracting both domestic and foreign capital. Market participants will now be closely watching upcoming macroeconomic data and corporate earnings for indications of whether the rally can be sustained.
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