NGX Gains N1.52tn as Banking Stocks Surge

The Nigerian Exchange (NGX) rebounded strongly, gaining N1.518 trillion as investor sentiment improved, driven by renewed buying interest. On Monday, the share index increased by 2,277.92 points, representing a 0.97% rise, closing at 238,219.19 points.

The market capitalization rose to N15.845 trillion, supported by price appreciation in large and medium-capitalized stocks, including MTN Nigeria, Guaranty Trust Holding Company (GTCO), Zenith Bank, FBN Holdings, and Lafarge Africa. Despite the overall market gain, market breadth was largely negative, with 35 stocks declining compared to 17 advancing.

FBN Holdings and GTCO emerged as the highest price gainers, rising by 10% to close at N60.50 and N127.10, respectively. Other notable gainers included International Energy Insurance, which rose by 9.88%, and McNichols, which increased by 9.56%.

Conversely, Ftn Cocoa Processor led the losers with a 10% drop, closing at N23.40 per share. Total trade volume rose by 11.07% to 489.096 million units, valued at N36.493 billion across 63,567 transactions.