Lagos: The Nigerian Exchange Ltd. (NGX) began the week on a bullish note, with market capitalisation rising by ₦5.1 trillion in a single trading session, representing a 4.36% gain.
The NGX’s total market value climbed from ₦116.9 trillion to ₦122.1 trillion, while the All-Share Index (ASI) advanced by 7,953.36 points, closing at 190,266.44, compared to 182,313.08 recorded the previous Friday.
Market breadth closed positive with 57 gainers and 27 losers, underscoring broad-based investor participation.
High-capitalised equities led the rally, with Beta Glass, Oando, Ikeja Hotel, McNicholas, and ABC Transport each gaining 10%. Beta Glass closed at ₦453.20 per share, Oando at ₦44, Ikeja Hotel at ₦41.80, McNicholas at ₦8.47, and ABC Transport at ₦8.25.
On the flip side, RT Briscoe shed 9.99%, closing at ₦15.68, while Deap Capital fell 9.91% to ₦7.64. Caverton Offshore Support Group dropped 9.62% to ₦7.05, Guinea Insurance dipped 9.27% to ₦1.37, and Tantalizer declined 8.11% to ₦5.10.
The session recorded heightened activity, with 1.1 billion shares worth ₦64 billion exchanged across 64,821 transactions, compared to 936.4 million shares valued at ₦52.7 billion in 50,068 deals the previous session. Access Corporation led in volume, trading 86.7 million shares.
Mr David Adonri, Vice President of Highcap Securities Ltd., described the surge as “one of the most significant rallies recorded this year.” He noted that the Oil and Gas Index appreciated by over 4%, driven by substantial movements in large-cap stocks.
Adonri suggested that external geopolitical factors may have influenced investor sentiment. “Tensions in the Middle East involving the United States and Iran, and concerns over possible disruption in the Strait of Hormuz, could lead to a spike in crude oil prices. Investors may be taking proactive positions in anticipation of this,” he explained.
He added that domestic macroeconomic data, including the latest inflation figures from the National Bureau of Statistics, which showed a rise to 15% from 14% in December, were unlikely to have driven the rally. “Given the inflation spike, we can reasonably rule that out as a catalyst. The most plausible explanation appears to be external factors,” Adonri said.
