Strong buying interest in heavyweight stocks, led by Dangote Cement and Aradel Holdings, propelled the Nigerian Exchange Limited (NGX) to another positive close on Monday, pushing market capitalisation higher by approximately N1.4 trillion.
Market data showed that renewed demand for Dangote Cement, which gained 8.81 per cent, alongside price appreciation in Aradel Holdings (+2.78 per cent), Nigerian Breweries (+2.66 per cent), International Breweries (+2.00 per cent) and Lafarge Africa (+1.74 per cent), underpinned the overall bullish performance.
As a result, the NGX All-Share Index advanced by 1.29 per cent to settle at 173,946.22 points, while total market capitalisation climbed to N111.66 trillion at the close of trading.
Investor sentiment remained firmly positive, with market breadth reflecting stronger buying pressure. A total of 59 equities closed in positive territory against 26 stocks that ended the session lower.
At the top of the gainers’ table were CAP Plc, May & Baker Nigeria, and DAAR Communications, all of which appreciated by the maximum daily limit of 10.00 per cent. On the downside, Eunisell Interlinked led the laggards with a 9.98 per cent decline, followed by Tripple Gee & Company (-8.90 per cent) and Abbey Mortgage Bank Plc (-8.03 per cent).
Despite the upbeat price movement, trading activity softened compared with the previous session. Total volume traded declined by 18.72 per cent to 775.2 million shares, while transaction value fell by 35.21 per cent to N27.9 billion. In contrast, the number of executed deals increased by 29.32 per cent, reaching 65,960 transactions, indicating sustained investor participation despite lower trade sizes.
Banking stocks dominated market turnover, with Access Holdings emerging as the most actively traded equity by volume after investors exchanged 67.1 million shares, accounting for 8.66 per cent of total market volume. Zenith Bank topped the value chart, with trades worth N3.4 billion, representing 12.29 per cent of total market value.
Sectoral performance across the exchange was largely positive. The Industrial Goods index recorded the strongest gain, rising by 4.76 per cent, driven mainly by the sharp rally in Dangote Cement shares. The Consumer Goods index advanced by 0.74 per cent, supported by gains in Nigerian Breweries.
In the Oil and Gas space, Aradel Holdings’ price appreciation contributed to a 1.29 per cent increase in the sector index, while the Commodity Index added 0.65 per cent.
However, not all sectors closed higher. The Banking index dipped marginally by 0.04 per cent following losses in Ecobank Transnational Incorporated, which declined by 5.01 per cent. The Insurance index also edged lower by 0.03 per cent, pressured by a 4.44 per cent drop in AIICO Insurance.
The latest rally builds on momentum recorded in the previous week, when the Oil and Gas index drove the NGX to a historic milestone. During that period, the All-Share Index climbed to an all-time high of 171,727.49 points, while market capitalisation expanded to N110.23 trillion.
Market analysts have linked the sustained rally to what they describe as a “fragile but improving” macroeconomic outlook, alongside growing optimism around productivity-led growth and better corporate fundamentals.
Looking ahead, analysts believe the near-term outlook remains positive, supported by improved investor confidence and the ongoing release of full-year and audited corporate earnings. However, they cautioned that intermittent profit-taking could emerge following the recent run-up in prices.
In their market outlook for the week, analysts at Afrinvest projected that the bullish trend would likely persist, citing improving sentiment and earnings-driven positioning by investors.
Echoing similar views, analysts at AIICO Capital said they expect continued strength in mid- to large-cap stocks, particularly as investors position for dividend declarations in the ongoing earnings season.
 to another positive close on Monday, pushing market capitalisation higher by approximately N1.4 trillion.){kind=link}