Bullish run continues as NGX gains N606bn

Nigeria’s equities market extended its strong rally on Monday, with investors adding N606.26bn to market value amid renewed interest in dividend-paying stocks.

The Nigerian Exchange All-Share Index rose by 0.44 per cent to close at 218,113.84 points, lifting the year-to-date return to 40.16 per cent.

Market capitalisation climbed to N140.44tn, underlining sustained confidence in the equities market.

Trading sentiment remained broadly positive as 36 stocks recorded gains against 34 losers, giving the market a slightly favourable breadth.

Top gainers included NAHCO, Union Dicon Salt Plc, Fidelity Bank Plc, Trans-Nationwide Express Plc and Access Holdings Plc, driven by continued buying across banking and industrial counters.

On the losing side were LivingTrust Mortgage Bank Plc, Stanbic IBTC Holdings Plc, Transcorp Power Plc, Abbey Mortgage Bank Plc and Guinea Insurance Plc.

Sector performance also reflected the upbeat mood, with the Banking Index leading the advance after gaining 2.56 per cent.

Oil and Gas rose 0.75 per cent, Consumer Goods added 0.38 per cent, while Industrial Goods gained 0.35 per cent. Insurance edged higher by 0.004 per cent.

The Commodity Index was the only decliner, slipping 0.41 per cent.

Trading activity was mixed. Total volume traded fell 21.79 per cent to 983.95 million shares, while turnover declined 6.59 per cent to N50.77bn.

However, the number of deals surged 34.23 per cent to 76,410 transactions, suggesting stronger participation from retail investors.

Analysts said the bullish momentum was being fuelled by positioning ahead of expected full-year earnings releases and dividend announcements.

They added that the market could sustain its upward movement in the next session, supported by continued demand for fundamentally strong stocks.