The Nigerian stock market roared back to life this week, delivering a massive boost to investor confidence with a remarkable gain of ₦377 billion in a single day. The rebound comes after a period of sluggish performance, reigniting optimism across the Nigerian Exchange (NGX).
According to data from the NGX, the All-Share Index (ASI) surged by 0.67%, closing at 103,511.54 points, up from the previous day’s 102,401.88. This rally saw the market capitalization swell from ₦58.05 trillion to ₦58.43 trillion, signaling renewed bullish sentiment among investors.
Top Gainers Drive Market Sentiment
Market analysts attribute the surge to renewed buying interest in blue-chip and banking stocks, including Dangote Cement, BUA Foods, Zenith Bank, and MTN Nigeria. The uptrend also followed expectations around policy stability and macroeconomic reforms that investors believe will benefit key sectors.
Leading the charge were:
- BUA Foods: +9.94%
- Transcorp Hotels: +9.85%
- UPDC: +9.57%
- International Energy Insurance: +9.41%
Trading Volume and Market Breadth
Trading activity also saw a significant spike, with over 400 million shares exchanged in 7,300+ deals valued at ₦8.4 billion. Market breadth remained positive, with 36 gainers outperforming 16 losers, while 50 equities remained unchanged.
Investor Outlook: Bullish Yet Cautious
While this rally brings a sigh of relief, analysts advise cautious optimism. “The rebound is encouraging, but investors should monitor economic indicators closely, especially inflation data and forex stability,” said Tunde Oladipo, a Lagos-based stockbroker.
What’s Next?
With global and local economic sentiments slowly improving, and anticipation building around further fiscal reforms, the Nigerian stock market could continue this upward momentum. However, traders are advised to stay informed and agile as policy shifts and external factors continue to influence market direction.
