Stock market surges by N3.17tn as All-Share Index breaks 250,000 threshold

The Nigerian equities market sustained its upward trajectory on Monday, with the All-Share Index surpassing the 250,000-point threshold, resulting in investors accumulating gains exceeding N3tn, driven by persistent buying interest in prominent stocks.

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According to data from the Nigerian Exchange Limited, the ASI experienced a 2.33 per cent increase, closing at 250,485.54 points, which elevated the market's year-to-date return to 60.97 per cent from the previous session's 57.30 per cent.

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The market capitalisation of equities rose from N157.09tn to N160.26tn, while the total market capitalisation stood at N215.89tn at the close of trading, reflecting the market's growing value.

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The strong demand for stocks, including RT Briscoe, FTN Cocoa Processors, and Livestock Feeds, in addition to sustained activity in the banking and telecommunications sectors, drove the market's rally.

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Trading activity intensified during the session, with the total volume traded increasing by 30.82 per cent to 1.51 billion shares, while the value of transactions rose by 17.23 per cent to N70.10bn exchanged in 95,093 deals.

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Investor sentiment also experienced a significant improvement, with the market breadth expanding to 2.76x, as 56 stocks gained compared to 21 decliners, indicating broader participation across the market.

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The most actively traded stocks by value were MTN Nigeria, First HoldCo, Dangote Cement, Zenith Bank, and GTCO, which collectively accounted for a substantial share of the total market turnover.

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The year-to-date equities turnover increased to N3.37tn, while the average daily value traded climbed to N38.74bn, highlighting the market's sustained liquidity and continued investor participation.

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Analysts attributed the ongoing rally to stronger domestic participation, improving liquidity conditions, and sustained interest in equities, despite mixed sentiment across other asset classes.

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David Adonri, Vice Chairman of Highcap Securities, commented on the market activities, stating that the sustained rally reflects improving investor confidence, strong liquidity, and increased positioning in fundamentally sound stocks.

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Adonri noted that the market is responding positively to improving investor sentiment and increased participation from both institutional and retail investors, as well as renewed confidence in the resilience of listed companies and expectations of stronger corporate performance.