The Nigerian equities market extended its bullish run on Thursday, driven by strong investor interest in banking stocks and renewed appetite across key sectors. At midday, the NGX All-Share Index climbed 1.80% to 128,967.08 points, building on its recent breakout above critical psychological levels and pushing further into record territory.
The rally was underpinned by buying pressure in banking, industrial goods, ICT, and insurance stocks, with market breadth heavily tilted in favour of gainers. FirstHoldCo led banking sector advances, reflecting growing investor confidence in its corporate governance reforms and improving fundamentals, while ACCESSCORP and select tier-2 banks also saw notable gains.
Chams Plc topped the gainers’ chart with a significant percentage rise, fuelled by renewed interest linked to expectations around tech-enabled services in the public sector. Eunisell, ABCTRANS, Cornerstone, and CWG also recorded strong upward movements, driven by sector rotation strategies and positive sentiment ahead of the Q2 earnings season.
BUACEMENT continued to attract institutional flows, bolstering the industrial goods sector, while other notable gainers included E-Transact, Lasaco, NASCON, INTBREW, Mansard, and PZ, supported by dividend expectations, improved corporate disclosures, and a stable macroeconomic environment.
Sectoral Highlights:
- Banking: Led by FirstHoldCo and ACCESSCORP, supported by increased institutional positioning.
- Industrial Goods: BUACEMENT provided sector resilience amid continued investor demand.
- Insurance: Lasaco and Cornerstone drove activity on improved confidence in the sector.
- ICT & Fintech: Chams and E-Transact gained on growing interest in digital finance opportunities.
Laggards:
Despite the bullish tone, a few stocks in the healthcare, agriculture, and consumer goods sectors declined, with Mecure Pharmaceuticals and May & Baker among the top losers amid profit-taking and cost-side concerns. Other decliners included JohnHolt, FTNCOCOA, Neimeth, Vitafoam, and Coronation, reflecting technical corrections as investors reallocated funds into momentum-led sectors.
Market Outlook:
The prevailing sentiment points to a continued bullish trend into the close, barring late-session profit-taking in heavyweights. Institutional investors are expected to sustain positioning ahead of the Q2 earnings season, with banking and insurance sectors presenting stable mid-term prospects and tech and industrial stocks offering opportunities for momentum-driven traders.
The Nigerian stock market remains buoyant, supported by strong investor confidence, positive earnings expectations, and relative macroeconomic stability.
