Investors gain N1.56trn as banking stocks lift equities market

Equities investors gained N1.56 trillion on Thursday as renewed buying interest in banking and consumer goods stocks lifted the Nigerian Exchange (NGX) market capitalisation to N159.89 trillion.

The benchmark NGX All-Share Index (ASI) advanced by 0.98 per cent to close at 247,831.40 points, pushing the market’s year-to-date return to 59.26 per cent, compared with 57.71 per cent at the previous close.

The rally was driven by strong gains in heavyweight banking stocks, led by First HoldCo, which appreciated 9.91 per cent, Access Holdings, up 9.98 per cent, and Unilever Nigeria, which rose 7.64 per cent. Their gains outweighed declines recorded by Cornerstone Insurance, Tripple Gee and Afriprudential.

Despite the positive market performance, trading activity weakened significantly as investors traded 782.35 million shares, representing a 37.54 per cent decline in volume from the previous session. The value of transactions also dropped 52.36 per cent to N56.30 billion.

First HoldCo remained the market’s most actively traded stock, accounting for 106.40 million shares valued at N12.49 billion, maintaining its dominance in both volume and value traded. Market breadth closed positive at 1.29 times, with 36 gainers outweighing 28 losers, reflecting sustained buying interest across key counters.

Guinness Nigeria topped the gainers’ chart with a 10.00 per cent appreciation, while Mecure Industries recorded the steepest decline, shedding 9.96 per cent.

Meanwhile, the NASD Over-the-Counter (OTC) market closed lower, with the NASD Security Index declining 1.40 per cent to 4,322.22 points, while market capitalisation fell by the same margin to N2.59 trillion. The OTC market’s year-to-date return moderated to 21.97 per cent.

Trading activity on the OTC platform was subdued, with transaction volume plunging 96.69 per cent to 377,635 units, while the value of trades declined 6.26 per cent to N40.45 million across 39 deals.

In the commodities market, oil prices extended their rally as geopolitical tensions in the Middle East intensified. Brent crude climbed 6.58 per cent to 100.28 dollars per barrel, while West Texas Intermediate (WTI) gained 5.39 per cent to 91.50 dollars per barrel, boosting investor sentiment towards energy-related assets.

On the global monetary policy front, the European Central Bank left its key interest rates unchanged, citing persistent uncertainty arising from the Middle East conflict and elevated energy prices, while reiterating that future policy decisions would remain data-dependent.