NGX opens September on bullish note, gains N1.22tn

Nigeria’s stock market opened September with a broad rally, adding N1.22 trillion to total equity market capitalisation as gains in mid-cap and blue-chip shares lifted the Nigerian Exchange.

The NGX All-Share Index gained 1,883.24 points, or 0.77%, to close at 246,082.63. Market capitalisation rose to N158.96 trillion from N157.74 trillion in the previous session, pushing the year-to-date market return to 58.14%.

Energy, consumer goods and financial heavyweights drove the advance. Aradel Holdings climbed 8.83%, while Nestlé Nigeria gained 5.83%. HBM Nigeria, May & Baker Nigeria and First HoldCo also contributed to the upward move. The market closed with 40 advancing stocks against 19 decliners.

Trading activity was mixed. Volume rose 7.44% to 651.32 million shares, and transaction value increased 5.35% to N40.77 billion. Executed deals, however, fell 18.16% to 43,760. Access Holdings led trading by volume with 129.89 million shares valued at N4.16 billion. MTN Nigeria Communications recorded the highest turnover, at N4.69 billion.

The NGX Oil & Gas Index rose 3.87%, the strongest sectoral performance, while the Insurance Index gained 3.34%. Banking and Consumer Goods each rose 0.87%, and Industrial Goods added 0.71%.

FTN Cocoa Processors and McNichols led the gainers, each rising 10% to close at N8.25 and N4.95. SUNU Assurances Nigeria gained 9.94%. Tripple Gee & Company fell 9.72%, while ABC Transport and Nigerian Aviation Handling Company dropped 9.52% and 9.22%, respectively. Analysts attributed the buying pressure to portfolio repositioning by institutional and retail investors seeking third-quarter value opportunities.