Nigerian stocks gain N745bn as NGX rallies on strong demand for mid-cap equities

Trading on the Nigerian Exchange (NGX) began the week firmly in positive territory on Monday, as sustained buying interest lifted market capitalisation by N745 billion to N104.52 trillion.

The upbeat performance was underpinned by strong demand for stocks, including Etranzact, Red Star Express, McNicholas, RT Briscoe, and Deap Capital Management, alongside gains recorded by 45 other equities.

Market capitalisation rose by 0.58 per cent from its opening level of N103.78 trillion, reflecting renewed investor appetite across the market.

The benchmark All-Share Index advanced by 946.61 points, closing at 163,244.69, compared with 162,298.08 at the end of the previous trading session.

Market breadth remained firmly positive, with 50 gainers outweighing 20 losers, signalling broad-based investor optimism across key sectors of the Nigerian stock market.

Etranzact, Red Star Express, McNicholas, RT Briscoe and Deap Capital Management topped the gainers’ table, each appreciating by the maximum 10 per cent. The stocks closed at N16.50, N11.55, N6.05, N3.96 and N3.30 per share, respectively.

On the downside, Champion Breweries led the decliners, shedding 8.51 per cent to close at N15.05 per share. Eunisell Interlinked fell by 8.01 per cent to N156.20, while Ikeja Hotel dropped eight per cent to close at N36.80 per share.

Guinea Insurance declined by 7.30 per cent to N1.27, and Omatek lost 3.13 per cent to settle at N1.24 per share.

Trading activity also strengthened, with a total of 1.15 billion shares valued at N19.23 billion exchanged in 59,359 transactions. This marked a significant increase from the previous session, when 624.08 million shares worth N18.5 billion were traded across 43,816 deals.

Sovereign Trust Insurance recorded the highest trading volume, with 307.47 million shares changing hands, accounting for 26.75 per cent of total volume. Fidelity Bank dominated the value chart, with trades worth N3.14 billion, representing 16.32 per cent of total market value.

An analyst said the rally reflected “renewed confidence, supported by bargain hunting and expectations of stronger corporate earnings.”