Onome Amuge
Nigeria’s stock market soared to a fresh record high on Monday, as investors’ appetite for blue-chip and mid-tier equities drove the Nigerian Exchange (NGX) to close with a market capitalisation above N95 trillion for the first time in its history.
The rally, which added N613 billion in value to listed equities in a single session, underscored a wave of bargain hunting across key sectors, from cement to banking and consumer goods, fuelled by expectations of robust third-quarter earnings and improving macroeconomic indicators.
According to trading data from the NGX, the All-Share Index (ASI) advanced by 965.63 basis points, or 0.65 percent, to close at 149,943.27, while total market capitalisation climbed to N95.17 trillion. The gains lifted the year-to-date return to roughly 45 percent, cementing the Nigerian bourse’s position as one of Africa’s best-performing equity markets in 2025.
Market activity was brisk, though mixed in composition. Total trade volume declined by 14.94 percent to 408.97 million units, but total value of transactions rose by 60.09 per cent to N26.69 billion, reflecting higher-value positioning in large-cap stocks.
In all, investors executed 31,287 deals, with mid-tier banks and industrial giants leading both volume and value charts. Fidelity Bank was the most actively traded by volume, accounting for nearly 12 percent of total shares exchanged. It was followed by Access Holdings (10.28%), CHAMS (4.90%), Nigerian Breweries (4.34%), and Japaul Gold (3.92%).
On the value side, power generation firm Geregu Power Plc dominated the session, commanding 34.5 percent of total value traded.
Union Dicon Salt led the day’s advancers, surging 10 percent to cap the daily limit, followed closely by chemical and energy group EUNISELL, which rose 9.92 per cent amid renewed investor interest.
EUNISELL’s gains were complemented by strong performances across industrial and construction-linked stocks. Cement giant BUACEMENT added 6.25 per cent, while enamel manufacturer ENAMELWA climbed 6.01 per cent. UAC of Nigeria advanced 5.19 per cent as consumer and packaging subsidiaries benefited from recent pricing adjustments and cost efficiencies.
Financial services also joined the rally. United Bank for Africa (UBA) and First Holdings Company (FIRSTHOLDCO) posted modest but steady gains, reinforcing the bullish tone among banking stocks that have remained resilient amid tighter monetary conditions.
The session’s performance was broadly positive across key sectors. The industrial goods index surged 2.34 percent, buoyed by gains in BUACEMENT and Dangote Cement. Oil and Gas climbed 0.65 per cent as energy-linked equities responded to stabilising crude oil prices and improved local production data.
Banking stocks also edged higher by 0.48 per cent, helped by renewed demand in tier-one names such as UBA and Zenith Bank. Consumer goods gained a marginal 0.08 per cent, supported by price upticks in NB and UACN.
However, the insurance sector was the lone laggard, declining 0.70 per cent, weighed down by sell-offs in Sovereign Trust Insurance and Cornerstone Insurance.
Despite the widespread optimism, market breadth closed slightly negative with 30 gainers and 33 losers, a reflection of selective buying concentrated in high-value stocks.
