NGX market rally adds ₦5.1 trillion as capitalisation climbs to ₦122.129 trillion, driven by gains in large-cap and oil stocks

The Nigerian stock market opened the week with a strong rally on Monday as investors gained ₦5.1 trillion, pushing total market capitalisation to ₦122.129 trillion.

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Data from the Nigerian Exchange Limited (NGX) showed that market capitalisation rose by 4.36 per cent, while the All-Share Index (ASI) advanced by 7,953.36 points to close at 190,266.44, up from 182,313.08 recorded on Friday.

Large-Cap Stocks Lead Surge

The NGX market rally was largely driven by renewed investor interest in highly capitalised stocks, including ABC Transport, Beta Glass, Ikeja Hotel, Mc Nicholas and Oando, alongside 52 other equities.

Beta Glass, Oando, Ikeja Hotel, Mc Nicholas and ABC Transport topped the gainers’ chart, each appreciating by 10 per cent to close at ₦453.20, ₦44.00, ₦41.80, ₦8.47 and ₦8.25 per share respectively.

On the losers’ chart, RT Briscoe led with a 9.99 per cent decline to ₦15.68. Deap Capital Management fell by 9.91 per cent to ₦7.64, while Caverton Offshore Support Group dropped 9.62 per cent to ₦7.05 per share. Guinea Insurance and Tantalizers also recorded losses of 9.27 per cent and 8.11 per cent respectively.

Market breadth remained positive, with 57 gainers against 27 losers, reflecting widespread buying pressure.

Trading Volume Strengthens

Trading activity strengthened significantly, as 1.1 billion shares valued at ₦64 billion were exchanged in 64,821 deals. This compares with 936.4 million shares worth ₦52.7 billion traded in 50,068 transactions in the previous session.

Access Corporation recorded the highest traded volume at 86.7 million shares.

Analysts Cite External Factors

Market analysts described the session as one of the most significant rallies recorded this year.

Mr David Adonri, Vice President of Highcap Securities Ltd., said the rally was notable for its breadth and the scale of gains among large-cap stocks.

“We witnessed a very big rally today, perhaps the biggest since the beginning of the year. The Oil and Gas Index appreciated by over four per cent, and most of the stocks that led the gainers’ chart were highly capitalised equities. It was truly a day of massive rally in the market,” he said.

Adonri noted that there were no new listings or major domestic announcements to directly explain the surge, suggesting that external geopolitical developments may have influenced investor sentiment.

He pointed to tensions in the Middle East involving the United States and Iran, alongside concerns about potential disruptions in the Strait of Hormuz, which could impact global oil supply and prices.

He also referenced recent inflation data released by the National Bureau of Statistics, which showed a rise to about 15 per cent from roughly 14 per cent in December, indicating that domestic macroeconomic fundamentals were unlikely to have triggered the rally.

“Given the inflation spike, we can reasonably rule that out as a catalyst. The most plausible explanation appears to be external factors,” he added.

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With market capitalisation now above the ₦122 trillion mark, the week has begun on a bullish note, signalling renewed investor confidence amid shifting global dynamics.