The Nigerian stock market kicked off the week on a bullish note Monday, as investors gained N1.78 trillion in a single-day rally.
The positive performance was driven by sustained buying interest in Lasaco Assurance, Royal Exchange, UPDC, UAC of Nigeria, and 43 other stocks.
Market capitalisation rose by N1.78 trillion or 1.99%, closing at N91.15 trillion, compared to N89.372 trillion recorded last Friday.
Similarly, the All-Share Index (ASI) advanced by 2,808.73 points or 1.99%, settling at 144,071.78 from 141,263.05.
Market breadth was positive, with 47 gainers and 23 losers recorded at the close of trading.
Lasaco Assurance led the gainers’ chart, rising by 10% to close at N2.86 per share.
Royal Exchange also appreciated by 10%, ending the day at N1.65 per share. UPDC gained 10%, closing at N5.94 per share.
UAC of Nigeria rose 9.97% to finish at N97.10 per share, while Sovereign Trust Insurance added 9.94%, closing at N1.88 per share.
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On the losers’ table, Academy Press declined by 10% to end at N9.90 per share.
Transcorp Power also shed 10%, closing at N288 per share.
John Holt dropped 9.59%, ending the session at N6.60 per share. Total Nigeria fell 9.22% to close at N6.40 per share.
Ecobank Transnational Incorporated lost 9.21%, closing at N34 per share.
A total of 811.09 million shares valued at N19.47 billion were traded in 35,963 transactions lower than Friday’s 1.08 billion shares worth N26.85 billion across 34,488 deals.
First City Monument Bank led trading activity with 84.95 million shares worth N979.42 million.
Universal Insurance followed, trading 82.51 million shares valued at N61.68 million.
Fidelity Bank recorded 45.43 million shares worth N955.6 million, while AIICO Insurance sold 40.15 million shares valued at N94.3 million.
Veritas Kapital Assurance traded 39.77 million shares valued at N60.26 million.
Reacting to the market’s performance, Mr. Aruna Kebira, Managing Director of Globalview Capital Ltd., said the rally reflects growing market maturity.
He attributed the gains to informed investor decisions, long-term pension fund investments, a stable exchange rate, and declining inflation.
Kebira added that Nigeria’s compliance with its OPEC production quota, rising foreign reserves, and strong Q2 corporate earnings further contributed to the market’s positive momentum.
“The steady rise of the ASI and market capitalisation reflects strong buying interest in equities,” he said.
“Penny stocks often lead market rallies, but they can also drive downturns especially when many lack strong fundamentals.
“Last week’s declines were mainly due to month-end exits and weekend uncertainty among short-term traders.
“But with no negative news emerging over the weekend, exited positions were re-entered, sparking the current bullish momentum,” Kebira explained.
