The Nigerian equities market began the new trading week on a bullish note on Monday, extending the ongoing rally on the Nigerian Exchange Limited (NGX) as renewed investor confidence and sustained portfolio repositioning pushed the benchmark index higher.

The Nigerian Exchange Limited All-Share Index (ASI) advanced by 0.57 per cent to close at 251,125.02 basis points, while market capitalisation gained N905.58 billion to settle at N160.98 trillion. The latest performance lifted the market’s year-to-date return to 61.38 per cent, reinforcing optimism around domestic equities despite mixed sectoral sentiment.

Market breadth closed positive at 1.2x, with 35 gainers outperforming 30 decliners, underscoring sustained appetite for fundamentally strong and medium-cap stocks across key sectors of the market.

Telecommunications heavyweight Airtel Africa led the gainers’ chart alongside International Energy Insurance, Sovereign Trust Insurance, Caverton Offshore Support Group, and VFD Group, as investors increased positions in insurance and financial services counters.

On the losers’ table, McNichols Plc, Tripple Gee & Company, Learn Africa, Zichis Agro-Allied Industries, and May & Baker Nigeria recorded the steepest declines amid profit-taking activities.

Sectoral performance reflected cautious positioning by investors. The Insurance Index emerged as the best-performing sector with a 0.54 per cent gain, supported by renewed interest in underwriting stocks, while the Banking Index rose marginally by 0.08 per cent.

However, losses in Oil & Gas, Commodity, and Consumer Goods stocks moderated the broader market rally. The Oil & Gas Index declined by 1.77 per cent, Commodity stocks shed 1.29 per cent, while the Consumer Goods Index dipped 0.26 per cent. The Industrial Goods sector closed flat.

Trading activity was largely upbeat, indicating improved participation from both institutional and retail investors. Total turnover climbed 40.67 per cent to N40.91 billion, while the number of deals rose 32.14 per cent to 82,434 transactions. However, trading volume fell 11.58 per cent to 629.42 million shares, suggesting activity was tilted towards higher-value stocks.

Analysts said the sustained bullish momentum reflects increasing investor confidence in equities amid ongoing macroeconomic adjustments, expectations of stronger corporate earnings, and continued rotation into fundamentally resilient stocks.

Market analysts expect the positive sentiment to persist in Tuesday’s session, supported by portfolio rebalancing activities and renewed positioning in banking, insurance, and select large-cap counters as investors seek to consolidate gains from the market’s strong year-to-date performance.

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