The Nigerian equities market surged sharply on Monday, with total market capitalization breaking above the N104 trillion mark as investor participation intensified across key counters.
Trading on the Nigerian Exchange (NGX) closed with the All-Share Index (ASI) climbing 946.6 points to 163,244.7, comfortably clearing the 163,000 threshold in sustained bullish sentiment.
Market activity witnessed a significant uptick, with 1.14 billion shares changing hands, nearly doubling volumes from the previous session, underscoring heightened investor appetite for Nigerian stocks.
The market’s total capitalization expanded to N104.5 trillion across 59,359 deals, up from about N103.7 trillion at the close of last week, reflecting broad-based gains in both large and mid-cap stocks.
Top performers on Monday included Deap Capital Management, Etranzact, UPDC, McNichols, RT Briscoe and Red Star Express — each advancing the maximum allowable 10%, while Champion and Eunisell were among the notable laggards.
On the volume leaderboard, Sovereign Trust Insurance led trading activity with 307.4 million shares, followed by Fidelity Bank and LinkAssure. By value, Fidelity Bank topped the chart with N3.1 billion in transactions.
Analysts say the market’s ability to sustain levels above the 163,000-point mark early in the year reflects renewed investor confidence, supported by strong corporate earnings prospects and optimism over economic reforms.
Despite a strong start to the year, some market watchers caution that profit-taking and overbought conditions could temper gains in the short term, while longer-term momentum hinges on continued positive sentiment and macroeconomic stability.
