The Nigerian equities market extended its bullish momentum on Monday, March 16, as investors pushed the benchmark index higher, lifting the total market capitalisation by about N1.97 trillion at the close of trading.
Data from the Nigerian Exchange Limited (NGX) showed that the market capitalisation rose from N127.36 trillion on Friday to N129.33 trillion today, reflecting renewed buying interest in large-cap and mid-tier stocks.
Similarly, the All-Share Index (ASI) advanced to 201,474.89 points, up from 198,407.30 points recorded in the previous session, representing a strong rebound in market performance.
The index traded within a range during the session, hitting a high of 201,474.89 points and a low of 195,898.54 points, while the average index level stood at 197,751.12 points.
Market activity was largely driven by strong price appreciation in cement, banking, and insurance stocks, which dominated the gainers’ chart.
Leading the rally was BUA Cement Plc, which gained N27.00 to close at N297.00 per share, representing a 10 per cent increase, making it the top performer of the trading session.
Paint manufacturer Chemical and Allied Products Plc (CAP), traded under the ticker PREMPAINTS, followed with a 9.79 per cent increase to close at N21.30, while John Holt Plc rose by 9.52 per cent to settle at N10.35 per share.
Other notable gainers included Guinea Insurance Plc, which climbed 9.38 per cent to N1.40, and FTGINSURE, which gained 9.32 per cent to close at N1.29.
Banking stocks also recorded strong buying interest as Zenith Bank Plc advanced by 7.35 per cent to close at N103.00, while United Bank for Africa Plc appreciated 5.49 per cent to N48.00 per share.
Similarly, shares of MTN Nigeria Communications Plc rose by 2.43 per cent to N798.00, while NGX Group Plc gained 3.29 per cent to close at N182.30.
Sector indices closed largely positive, reflecting broad investor participation across key segments of the market. The NGX Main Board Index rose from 9,066.50 points to 9,174.18 points, while the NGX Banking Index climbed to 1,918.11 points from 1,876.90 points.
Similarly, the NGX Consumer Goods Index edged higher to 4,395.33 points, while the NGX Oil and Gas Index advanced to 4,506.71 points. The NGX Industrial Index, supported by gains in cement stocks, rose to 8,398.04 points, while the NGX Growth Index strengthened to 28,771.46 points.
Despite the overall market rally, a number of stocks recorded price declines during the trading session. VFD Group Plc led the losers’ chart after shedding 10 per cent to close at N11.25, down from N12.50 recorded in the previous session.
Also among the top decliners was Royal Exchange Plc, which dropped 9.63 per cent to N1.69, while Omatek Ventures Plc fell by 9.62 per cent to close at N2.35.
Other stocks that recorded losses included Sovereign Trust Insurance Plc, which declined 9.00 per cent to N1.92, and Regency Alliance Insurance Plc, which fell 8.94 per cent to N1.12.
Additional laggards included Eterna Plc, UAC of Nigeria Plc, Oando Plc, and Stanbic IBTC Holdings Plc, which posted varying degrees of price decline.
