Stocks soar as Investors gain ₦745bn in bullish Market rally

By Taiye Olayemi

Nigeria’s stock market began the week on a strong footing on Monday, with investors recording gains of about ₦745 billion as renewed buying interest lifted prices across key stocks.

Data from the Nigerian Exchange showed that total market capitalisation rose by 0.58 per cent, climbing from ₦103.775 trillion at the previous close to ₦104.520 trillion. The benchmark All-Share Index advanced by 946.61 points, ending the session at 163,244.69, compared with 162,298.08 previously.

The rally was driven by sustained demand for mid- and small-cap stocks, including Etranzact, Red Star Express, McNicholas, RT Briscoe and Deap Capital Management, alongside a broad mix of other advancing equities. Market breadth remained firmly positive, with 50 gainers outweighing 20 losers, signalling widespread investor optimism.

Etranzact, Red Star Express, McNicholas, RT Briscoe and Deap Capital Management all posted the maximum 10 per cent gain, closing at ₦16.50, ₦11.55, ₦6.05, ₦3.96 and ₦3.30 per share, respectively.

On the downside, Champion Breweries led decliners after shedding 8.51 per cent to close at ₦15.05. Eunisell Interlinked fell by 8.01 per cent to ₦156.20, while Ikeja Hotel declined eight per cent to ₦36.80. Guinea Insurance and Omatek also ended lower.

Trading activity improved markedly, with 1.15 billion shares valued at ₦19.23 billion exchanged in 59,359 deals, compared with 624.08 million shares worth ₦18.5 billion traded in the previous session.

Sovereign Trust Insurance led the volume chart with 307.47 million shares, while Fidelity Bank topped the value table, accounting for ₦3.14 billion in trades.

Market analysts attributed the bullish opening to renewed confidence, supported by bargain hunting and growing expectations of stronger corporate earnings in the coming quarters.