Nigeria’s stock market maintained its bullish momentum on Monday, supported by strong performances from banking and industrial stocks, which pushed the benchmark index up by 2.33% during an active trading session.
Figures released by the Nigerian Exchange showed that investors traded 1.49 billion shares valued at N68.39 billion ($50 million) across 94,675 transactions, representing a sharp increase compared to Friday’s session. Trading volume jumped 42%, while both turnover and the number of deals rose by 36%.
The NGX All-Share Index gained 5,709.71 points to settle at 250,485.54, bringing the market’s year-to-date return to 60.97%.
Market capitalisation on the exchange climbed to N160.3 trillion, equivalent to roughly $117 billion using the official exchange rate.
The latest gains further strengthen Nigeria’s position as one of Africa’s best-performing equity markets this year, as investors increasingly channel funds into stocks to protect returns against inflation, elevated interest rates, and naira instability.
Banking shares continued to play a major role in driving the rally amid ongoing recapitalisation efforts within the sector.
The NGX Banking Index advanced 4.67% on Monday and has now recorded a year-to-date increase of 60.51%.
Industrial equities also delivered strong performance, with the NGX Industrial Index climbing 4.32% during the session and posting a yearly gain of 117.85%.
A total of 133 listed companies recorded trading activity, with 62 stocks gaining value while 17 declined, highlighting generally positive investor sentiment across the market.
RT Briscoe emerged as the top performer after its stock price rose 11.49% to close at N16.50 per share. Livestock Feeds gained 10.69%, while FTN Cocoa Processors and Zichis Agro Allied Industries appreciated by 10.67% and 10.01% respectively.
Among the decliners, University Press dropped 9.09% to end trading at N4.00 per share. Secure Electronic Technology lost 6.32%, while NPF Microfinance Bank and Mutual Benefits Assurance fell 6.25% and 5.72% respectively.
Veritas Kapital Assurance recorded the highest trading volume with 195 million shares exchanged. It was followed by Access Holdings with 172 million shares, First HoldCo with 132 million shares, and FCMB Group with 124 million shares traded.
Other major market indicators also closed in positive territory. The NGX Premium Index rose 4.76%, the NGX Top 30 Index gained 2.32%, the NGX Pension Index advanced 2.65%, while the NGX Main Board Index increased by 0.83%.
The market’s recent upward trend comes as investors position themselves ahead of upcoming corporate earnings announcements, banking sector capital raising activities, and expectations that listed firms may continue benefiting from inflation-driven revenue growth.