The Nigerian stock market added N1.86 trillion in value yesterday as investor confidence lifted key equities, led by MTN Nigeria Communications and Dangote Cement. The NGX All-Share Index rose by 2,905.05 basis points, or 1.24 per cent, closing at 234,178.23, while market capitalization climbed to N152.136 trillion from N150.271 trillion at the opening. MTN's shares gained 2.62 per cent to close at N780.00, and Dangote Cement rose 5.40 per cent to N1,015.00 per share.
Sector performance was broadly positive, with Industrial Goods up 3.4 per cent, Insurance 1.2 per cent, Oil & Gas 0.6 per cent, Consumer Goods 0.5 per cent, and Banking 0.1 per cent. Market breadth reflected strong sentiment, with 54 stocks advancing against 17 declining. Cadbury Nigeria and Zichis Agro Allied led the gainers, each rising 10 per cent to close at N61.60 and N26.62 respectively, while NACHO gained 9.99 per cent to N133.65. Daarcomm and Ikeja Hotel rose 9.94 per cent and 9.90 per cent, closing at N1.99 and N47.20.
On the losing end, CMFC, Fortis Global Insurance, and Trans Express each fell 10 per cent to close at N3.33, N2.61, and N2.70. ETI declined 9.98 per cent to N85.70, and Mecure dropped 9.96 per cent to N85.45. Total traded volume dipped slightly by one per cent to 493.67 million units, valued at N28.02 billion across 49,969 deals. Zenith Bank dominated trading activity, accounting for 94.29 million units and N9.91 billion in value.
Analysts at United Capital Plc noted the market recovery seen last Friday could continue, with banking stocks likely to remain stable due to the ongoing recapitalisation exercise. They suggested Consumer Goods and Insurance may attract investors seeking defensive positions, with market direction depending on earnings expectations ahead of the second-half results season.
The same stocks that often lead market surges are once again driving gains, yet the broader economy shows no matching upturn for ordinary Nigerians. MTN and Dangote Cement's rise benefits shareholders, but does little for citizens facing high costs and stagnant wages. Investor focus on a few big names masks the lack of widespread corporate performance. The market's rally is narrow, not national.
Editorial note: AI-assisted opinion, not established fact. Full disclaimer →
