Stock Market soars, NGX adds massive N465bn value boost

By Taiye Olayemi

The Nigerian stock market began the week on a positive trajectory, with investors witnessing a strong rebound that added N465 billion to market capitalisation at the close of trading on Monday.

Data from the Nigerian Exchange Ltd. (NGX) showed that the stock market capitalisation climbed to N93.760 trillion from N93.295 trillion recorded on Friday, representing a 0.50 per cent gain.

Similarly, the All-Share Index (ASI) rose by 729.19 points to close at 147,717.23, up from 146,988.04.

The bullish performance was largely driven by renewed investor interest in insurance and power sector stocks, particularly Sovereign Trust Insurance, Regency Alliance Insurance, Transcorp Power, Consolidated Hallmark Holdings, and Halldane McCall.

Sovereign Trust Insurance topped the gainers’ chart, rising by 9.97 per cent to close at N3.53 per share, followed by Regency Alliance Insurance, which gained 9.68 per cent to end at N1.36.

Transcorp Power appreciated by 8.92 per cent to finish at N342, while Consolidated Hallmark Holdings and Halldane McCall rose by 7.14 per cent and 6.80 per cent respectively.

However, the day’s rally was tempered by declines in some equities. Tripple Gee led the losers’ chart, shedding 9.92 per cent to close at N5.45 per share, followed by Wema Bank, which dipped by 4.51 per cent to N19.05. Livingtrust Mortgage Bank, NGX Group, and Cutix also posted losses.

Market activity showed notable improvement, with 624.61 million shares valued at N13.5 billion traded across 31,563 deals, compared with 386.6 million shares worth N11.26 billion exchanged in 21,842 deals on Friday.

Consolidated Hallmark Holdings led the activity chart by volume with 210.5 million shares valued at N909.6 million. Fidelity Bank followed with 47.5 million shares worth N951.82 million, while CHAMS, Universal Insurance, and Sovereign Trust Insurance also featured prominently among the top-traded stocks.

The session’s performance reflects cautious optimism among investors amid ongoing expectations of policy clarity and corporate earnings releases expected later in the month.