The Nigerian Exchange (NGX) posted modest gains Monday, with the All-Share Index climbing 0.30% to close at 139,394.75 points, up from the previous session’s 138,980.01.
Market capitalization edged higher to 88.199 trillion naira ($54.5 billion), reflecting continued investor interest despite a slight month-to-date dip of 0.64%. Year-to-date, the benchmark index has surged 35.33%, buoyed by economic recovery signals and foreign inflows.
Trading activity was robust, with 947.9 million shares exchanged in 36,036 deals, totaling 17.97 billion naira in value. Market breadth favored buyers, as 41 stocks advanced compared to 18 decliners.
Consumer goods and industrial names led the rally. PZ Cussons Nigeria topped gainers, jumping 10% to 35.20 naira, while UPL gained 10% to 5.50 naira. Ellah Lakes and Legend Interiors followed closely, up 9.94% to 14.27 naira and 9.90% to 5.44 naira, respectively. NCR rounded out the top performers with a 9.84% rise to 13.95 naira.
Losers were fewer but sharp. UPL in another listing plunged 10% to 35.10 naira, matched by International Mortgage Group at 33.30 naira. Union Dicon and Thomas Wyatt both fell 10% to 10.80 naira and 2.70 naira, with Academy Shipping down 9.94% to 8.60 naira.
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Banking stocks dominated trading volumes. First City Monument Bank (FCMB) was the most active by volume, with 460.9 million shares traded worth 4.74 billion naira across 679 deals. Universal Insurance followed with 42.2 million shares valued at 53.4 million naira.
By value, FCMB again led, trailed by Zenith Bank at 1.73 billion naira for 26.7 million shares. Guaranty Trust Holding Co. (GTCO) and Dangote Sugar Refinery posted 1.60 billion naira and 1.41 billion naira, respectively, underscoring banking and consumer staples’ appeal.
Analysts attribute the uptick to easing inflation data and anticipated central bank rate stability, though global oil price volatility remains a watchpoint for Nigeria’s export-driven economy. “The session signals resilience, but investors should eye upcoming corporate earnings for sustained momentum,” said a Port Harcourt-based trader that wished to remain anonymous.
