The Nigerian equities market sustained its bullish momentum as investors continued to position in select large-cap stocks, pushing the benchmark All-Share Index (ASI) higher by 0.5% to close at 159,951.08 points. The rally was driven largely by notable gains in heavyweight counters including Dangote Cement (DANGCEM), Stanbic IBTC Holdings (STANBIC), Presco (PRESCO), and Lafarge Africa (WAPCO), reflecting renewed confidence in fundamentally strong names.
As a result of the positive close, both the Month-to-Date (MTD) and Year-to-Date (YTD) returns settled at +2.8%, reinforcing the market’s strong start to the period. Market participants appeared encouraged by earnings expectations and bargain-hunting activities following recent volatility.
Trading activity improved meaningfully during the session. Total volume traded rose by 9.1% to 758.98 million units, with a total value of NGN19.87 billion exchanged across 54,212 deals. This uptick in activity suggests growing investor participation and liquidity across the market.
LINKASSURE emerged as the most actively traded stock by volume, accounting for 51.63 million units, while Guaranty Trust Holding Company (GTCO) led by value traded, with transactions worth NGN2.04 billion. The dominance of these stocks highlights sustained interest in both insurance and banking names, despite broader sectoral weakness in financial services.
Sectoral performance was mixed. The Insurance index led the gainers, advancing by 3.8%, followed by the Industrial Goods index, which climbed 2.7% on the back of strong buying interest in cement stocks. On the downside, the Oil & Gas index declined by 2.6%, while the Consumer Goods and Banking indices shed 0.5% and 0.1% respectively, weighed down by profit-taking and cautious sentiment in select names.
Market breadth remained firmly positive, underscoring the bullish tone of the session. A total of 60 stocks recorded price gains compared to 24 losers, translating to a breadth ratio of 3.2x. Jaiz Bank and Meyer topped the gainers’ chart, both appreciating by the maximum 10.0%. Conversely, Alex and Learn Africa led the laggards, declining by 10.0% and 9.2% respectively.
In the currency market, the official foreign exchange rate depreciated marginally by 4 basis points to NGN1,429.85 per US dollar, reflecting ongoing pressure in the FX market.
Overall, the session’s performance suggests cautious optimism, with investors selectively accumulating stocks amid mixed macroeconomic signals and currency headwinds.
