The Nigerian equities market began the week on a strong note, with investor activity pushing stock prices up by N2.32 trillion. This surge was primarily driven by a notable increase in the price of Dangote Cement Plc, which rose by 9.61%.
The Nigerian Exchange Limited All-Share Index (NGX ASI) saw a gain of 3,579.52 basis points, or 1.44%, closing at 252,456.74 basis points. This performance highlights renewed buying interest and a boost in investor confidence, as the benchmark index surpassed the 250,000-basis point mark.
As a result, the total equity market capitalization rose to approximately N163.92 trillion. Analysts observed a bullish atmosphere in the session, but market breadth indicated a different sentiment, with 20 stocks gaining and 28 losing value.
AXA Mansard Insurance topped the gainers with a 9.75% increase, closing at N12.95 per share, followed closely by Sovereign Trust Insurance, which gained 9.74% to close at N2.14. Notable performers also included Oando, up 8.46% to N35.90, and Fidelity Bank, which increased by 6.85% to close at N24.95 per share.
On the contrary, Thomas Wyatt Nigeria led the losers, with a decline of 9.62% to N2.35 per share. Other notable declines included University Press, down 8.70% to N4.20, and Fortis Global Insurance, which fell 7.38% to N1.38.
The total trading volume decreased by 20% to 453.31 million units, valued at N30.55 billion across 42,891 transactions. Looking forward, Cowry Assets Management Limited indicated that ongoing interest in large-cap stocks may support further market gains, although profit-taking pressures could hinder broader upward movement.
