Nigeria’s equities market has reclaimed the N160 trillion mark in market capitalisation, as renewed buying interest in heavyweight stocks pushed the benchmark NGX All-Share Index higher on Monday.
The market capitalisation rose by N1.91 trillion to N160.422 trillion from N158.513 trillion in the previous session, while the All-Share Index gained 1.20% to close at 248,529.75 points, compared with 245,573.60 points previously.
The rally was led by Airtel Africa Plc, which surged 8.59% to N6,300 per share, adding N498.60 to its share price and emerging as the most capitalised company on the Nigerian Exchange.
The stock’s gain lifted Airtel Africa’s market capitalisation to about N23.7 trillion and took its share price above its previous 52-week high of N5,801.40.
The market’s year-to-date return also improved to 59.71%, from 57.81% previously, as both the All-Share Index and market capitalisation moved back towards levels last recorded before the market’s June correction.
The NGX had reached a year-high market capitalisation of N161.84 trillion and an All-Share Index of 252,508.19 points on May 13 before a sharp correction in June.
Despite the strong headline performance, market breadth remained negative, indicating that the rally was concentrated in a relatively small number of heavyweight stocks.
A total of 23 stocks gained during Monday’s session, while 36 declined.
Fortis Global Insurance led the gainers, rising 10% to N2.86, followed by Chams Holding Company, which gained 9.80% to N4.48.
NAHCO advanced 9.29% to N153, while Sovereign Trust Insurance rose 6.59% to N1.78.
Among major banking stocks, Access Holdings gained 4.08% to N28.05, United Bank for Africa rose 3.01% to N46.25, GTCO advanced 1.56% to N130, and Zenith Bank gained 0.71% to N126.90.
Nigerian Breweries also rose 1.56% to N71.50.
On the losing side, AVA Capital fell 10% to N9.90, while Ecobank Transnational Incorporated dropped 9.92% to N64.95, shedding N7.15 per share.
Caverton Offshore Support Group declined 9.09% to N5, Ikeja Hotel fell 8.41% to N43, while FTN Cocoa Processors lost 8.37% to N8.10.
Other notable decliners included First HoldCo, which fell 2.34% to N142, Oando, down 2.10% to N35, and Transcorp, which declined 1.15% to N38.55.
Trading activity weakened despite the surge in the benchmark index.
A total of 1.137 billion shares exchanged hands in 59,185 deals, representing a 25.11% decline in volume, with the transactions valued at N27.017 billion.
Consolidated Hallmark Holdings recorded the highest trading volume, with 354.069 million shares worth N1.534 billion changing hands, accounting for 31.14% of total market volume.
Fortis Global Insurance followed with 307.343 million shares valued at N818.333 million.
First HoldCo recorded the highest value of transactions at N5.118 billion, representing 18.94% of total market turnover.
Access Holdings traded 48.075 million shares valued at N1.369 billion, while Chams Holding Company recorded 37.371 million shares worth N163.296 million.
Sectoral performance remained mixed, with gains concentrated in consumer goods and selected stocks across the market.
The Consumer Goods Index advanced 0.8%, while the Banking Index declined 0.3%, despite gains recorded by several major banks.
The Oil & Gas and Industrial Goods indices each declined 0.1%.
The Insurance Index also fell 1.1%, despite Fortis Global Insurance and Sovereign Trust Insurance featuring prominently among the day’s biggest gainers.
The mixed sector performance and negative market breadth suggest that Monday’s advance was largely driven by selected heavyweight stocks rather than a broad-based market rally.
With the NGX now approaching its May record levels and market capitalisation back above N160 trillion, investors are likely to watch whether sustained buying interest can push the market beyond its previous high or trigger renewed profit-taking.
Boluwatife Enome
