Nigerian Equities Market Gains N160bn Amid Banking Rally

The Nigerian equities market opened the week positively, with market capitalisation increasing by approximately N159.82 billion, driven by buying interest in banking stocks. The Nigerian Exchange (NGX) All-Share Index (ASI) rose by 0.10 percent, closing at 243,299.24 points, which brings its year-to-date return to 56.35 percent.

Market capitalisation reached N157.75 trillion, despite a 22.42 percent decline in the volume of shares traded, totaling 428.94 million units, and a 20.45 percent drop in transaction value to N20.51 billion. However, the number of deals increased by 19.49 percent to 54,506, indicating a higher transaction frequency.

Market breadth weakened to 0.71x, with 20 stocks gaining against 28 decliners. SterlingNG led trading volume with 78.05 million shares, while Aradel Holdings recorded the highest transaction value at approximately N2.48 billion.

The banking sector gained 0.68 percent, supporting the market, while other sectors showed mixed performance. Analysts expect cautious investor behavior as attention shifts to the Dangote Refinery IPO.