Nigerian Stocks Rally As Market Capitalisation Hits N131.6trn
- The stock market has opened the week on a positive note, with gains in medium- and large-cap stocks
- The performance helped push market capitalisation higher amid buying interest across key sectors
- Nigerian Exchange Group, Trans-Nationwide Express, and McNichols were among the top gainers
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market closed in positive territory at the start of the trading week, supported by renewed investor appetite for fundamentally strong stocks.
Data obtained from the NGX showed that the bullish momentum was driven by buying interest in bellwether stocks, despite selective profit-taking in a few counters.
Source: Getty Images
The market’s overall capitalisation rose by N443 billion to N131.609 trillion, while the NGX All-Share Index (ASI) gained 688.43 points to close at 204,458.86 points, representing a 0.34% increase.
Market sentiment remained strong, with 31 advancers outpacing 24 decliners, reflecting improved investor confidence.
Top Losers
- Berger Paints fell from N75.90 to N68.35, losing N7.55 (–9.95%)
- Academy Press dropped from N8.75 to N7.90, shedding N0.85 (–9.71%)
- Caverton declined from N5.85 to N5.50, losing N0.35 (–5.98%)
- Honeywell Flour Mills slipped from N21.35 to N20.30, down N1.05 (–4.92%)
- CAP decreased from N99.80 to N96.00, shedding N3.80 (–3.81%)
Top Gainers
- Nigerian Exchange Group rose by 10.00% to close at N153.45
- Trans-Nationwide Express advanced by 9.81% to N4.14
- McNichols gained 9.74% to settle at N7.10
- VFD Group increased by 9.71%
- Chams Holding Company climbed 8.96%
Most Active Stocks
A total of 470.01 million shares valued at N32.45 billion were traded during the session
- Access Holdings led with 54.91 million shares worth N1.42 billion
- GTCO traded 43.51 million shares valued at N5.84 billion
- Zenith Bank recorded 42.21 million shares worth N4.75 billion
- Japaul Gold exchanged 19.27 million shares valued at N57.53 million
- Chams Holding Company traded 19.06 million shares worth N65.93 million
Source: Facebook
Dangote IPO
Aliko Dangote plans to offer shares in his oil-refining company on multiple African stock exchanges, according to the head of the Nairobi Securities Exchange Plc.
Dangote appointed Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd. and FirstCap Ltd. to advise on the IPO for Dangote Petroleum Refinery and Petrochemicals Fze, FirstCap Chief Executive Officer Ukandu Ukandu said by email.
Frank Mwiti, CEO of the Nairobi exchange, said after a meeting last week between the heads of African exchanges and billionaire Dangote in Lagos, Nigeria’s commercial capital, Bloomberg reports
Mwiti said:
“The plan is to structure a pan-African IPO.”
A spokesman for the Dangote Group confirmed the meeting between exchange officials to Bloomberg, but declined to disclose details.
The share sale across multiple African exchanges would be a first for the continent.
Dangote plans to expand the refinery’s capacity
Legit.ng earlier reported that Dangote Refinery is set to become the world’s largest refinery within three years.
Aliko Dangote, who disclosed this while speaking to journalists, revealed that a second single-train unit will be constructed to expand the refinery from its current 650,000 barrels per day (bpd). capacity to 1.4 million bpd.
Dangote said the expansion would address Africa’s growing fuel demand, reduce dependence on imports, and create 65,000 jobs.
Source: Legit.ng
