The Nigerian Exchange Limited (NGX) began the week on a high note, with investors pocketing a N60 billion gain, reversing the previous week’s losses. The All-Share Index (ASI) rose by 94.27 points, or 0.07%, to close at 144,722.47, boosting market capitalization to N91.6 trillion from N91.54 trillion on Friday. Despite a 0.79% weekly loss, the ASI recorded a 9.78% gain over four weeks and a robust 40.61% year-to-date increase.
Trading saw 1.05 billion shares worth N15.05 billion exchanged in 38,137 deals, reflecting a 24% drop in volume but an 8% rise in turnover and a 19% increase in deals compared to the prior session. Market sentiment was positive, with 43 gainers outpacing 27 losers. UPDC led with a 10% surge to N7.15, followed by AIICO Insurance at N4.18, Cornerstone Insurance at N7.60, and Deep Capital Management & Trust at N1.77, each gaining 9.99% or more. Conversely, Stanbic IBTC Holdings fell 9.99% to N100.00, PZ Cussons dropped 7.89% to N35.00, and NEM Insurance declined 7.85% to N29.95.
The insurance sector powered the market’s performance, with the NGX Insurance Index jumping 5.26%, achieving a remarkable 98.41% year-to-date gain. The NGX Consumer Goods Index rose 1.15%, while the NGX Top 30 and Premium Indices dipped 0.14% and 0.19%, respectively. Universal Insurance led trading volume with 202.2 million shares, followed by Linkage Assurance (77.9 million), Lasaco Assurance (66.4 million), and Mutual Benefits Assurance (57.8 million). In value terms, GTCO topped the list with N1.05 billion, trailed by Zenith Bank (N987.76 million) and Aradel Holdings (N945.58 million).
The rebound follows a N713 billion market capitalization drop last week, when profit-taking slowed trading and the ASI fell 0.77% to 144,628.20. Analysts attribute Monday’s gains to renewed investor confidence, particularly in insurance stocks, and expect sustained interest if macroeconomic conditions, including easing inflation, continue to support market momentum.
