NGX extends rally as turnover jumps 77%

The Nigerian equities market extended its bullish run on Tuesday as renewed investor activity pushed trading turnover up sharply by 76.84 per cent, while the benchmark index gained 0.36 per cent to close at 244,186.47 points.

The latest advance lifted the market’s year-to-date return to 56.92 per cent, reinforcing the strong performance of Nigerian equities despite mixed sectoral movements.

Market capitalisation also rose by ₦575.25 billion to ₦158.32 trillion, as buying interest remained relatively broad-based during the session.

The positive sentiment was reflected in market breadth, which stood at 1.31x, with 34 stocks recording gains against 26 decliners.

NGX Group, Aradel Holdings, Sovereign Trust Insurance, McNichols and International Breweries emerged among the major gainers, while Ecobank Transnational Incorporated, Transexpress, African Prudential, PZ Cussons Nigeria and Prestige Assurance led the decliners.

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Trading activity strengthened significantly compared with the previous session, with the number of deals, volume and value of transactions rising by 31.22 per cent, 17.75 per cent and 76.84 per cent, respectively.

A total of 71,635 deals were executed, involving 505.12 million shares valued at ₦36.29 billion.

The sharp increase in turnover suggests stronger market participation as investors continued to position themselves across selected equities, with the breadth of gains indicating that the buying interest was not concentrated entirely in a handful of stocks.

Sector performance, however, remained mixed. The Oil and Gas sector emerged as the strongest performer, advancing by 3.79 per cent, while the Commodity sector gained 2.62 per cent. Consumer Goods stocks also appreciated by 1.06 per cent, while the Banking sector edged up by 0.08 per cent.

On the other hand, the Industrial Goods sector declined by 0.58 per cent, while Insurance stocks shed 0.18 per cent.

The sustained rally has kept the Nigerian market among the stronger-performing equity markets of the year, with the benchmark index now sitting close to the 245,000-point level.

Analysts expect the positive momentum to extend into Wednesday, supported by sustained investor interest and the market’s positive breadth.

The outlook for the next session remains bullish, although the mixed sectoral performance suggests that stock-specific factors and selective buying are likely to continue determining the direction of individual equities.