The Nigerian Exchange (NGX) achieved a remarkable milestone on Thursday, recording its largest daily gain in nine months as investors gained approximately N793 billion. This significant boost was fueled by strong performances in telecom, banking, and hotel stocks, with MTN Nigeria and Zenith Bank leading the rally.
Stockbrokers highlighted that top gainers such as MTNN (+10.00%), TRANSCOHOT (+9.78%), and ZENITHBANK (+4.49%) outweighed the adverse effects of selloffs in stocks like WAPCO (-1.41%) and FBNH (-1.27%). Data from the exchange revealed that the key performance indicators marked their highest daily increase of the year, climbing by 1.25%.
Renewed investor interest in medium- and large-cap stocks such as MTNN, PRESCO, and HONYFLOUR contributed to the surge in market capitalization. The All-Share Index advanced by 1,300.01 basis points, a 1.25% rise, closing at 105,530.74.
Despite the strong gains, market activity saw a decline, with total trade volume and value dropping by 35.28% and 47.07%, respectively. According to Atlass Portfolios Limited, around 489.53 million shares valued at N13.07 billion were traded across 13,010 deals.
Key Market Drivers
UNIVINSURE led the activity chart, accounting for 19.88% of the total trade volume. Other notable contributors included AIICO (11.09%), SOVRENINS (5.11%), FBNH (3.32%), and GUINEAINS (2.99%). In terms of trade value, SEPLAT dominated, representing 34.87% of the total value traded.
MTNN emerged as the top advancer with a 10.00% price increase. Other major gainers included HONYFLOUR (+9.89%), UNIVINSURE (+9.86%), TRANSCOHOT (+9.78%), and IKEJAHOTEL (+9.31%). Conversely, RTBRISCOE recorded the steepest loss at -10.00%, followed by SUNUASSUR (-9.99%) and TIP (-9.68%).
Sectoral Performance
Market breadth closed positively with 34 gainers and 24 losers. Sector-wise, the banking (+1.70%), consumer goods (+0.46%), commodity index (+0.28%), and oil and gas (+0.04%) sectors posted gains, driven by positive sentiments in ZENITHBANK (+4.49%), INTBREW (+3.85%), PRESCO (+7.10%), and OANDO (+0.40%). Meanwhile, the insurance (-1.38%) and industrial goods (-0.17%) indices declined due to selloffs in SUNUASSUR (-9.99%) and WAPCO (-1.41%).
The market closed with a total capitalization of N64.35 trillion, up by N792.73 billion.