The Nigerian stock market opened the week on a bullish note, with investors gaining ₦609 billion as market capitalisation rose by 0.44 per cent to ₦140.435 trillion from ₦139.826 trillion.
In the same vein, the All-Share Index advanced by 946.27 points, or 0.44 per cent, climbing from 217,167.57 to 218,113.84, driven largely by strong performances in banking and select mid- to large-cap stocks.
Market momentum was buoyed by notable gains in stocks such as Nigerian Aviation Handling Company, Union Dicon Salt, Fidelity Bank, Trans-Nationwide Express, and Access Corporation, alongside 31 other equities.
Overall, banking stocks were the primary drivers of the rally, reflecting renewed investor confidence in the sector. The market’s Year-to-Date return rose further to 40.16 per cent, while market breadth closed positive with 36 gainers against 35 losers.
On the gainers’ chart, Nigerian Aviation Handling Company and Union Dicon Salt led with 10 per cent appreciation each, closing at ₦242 and ₦18.15 per share respectively. Fidelity Bank rose by 9.98 per cent to ₦22.05, Trans-Nationwide Express gained 9.92 per cent to ₦6.65, while Access Corporation climbed 9.87 per cent to ₦32.85 per share.
On the flip side, Stanbic IBTC Holdings and Livingtrust Mortgage Bank topped the losers’ chart, shedding 10 per cent each to close at ₦169.70 and ₦3.69 respectively. Transcorp Power declined by 9.97 per cent to ₦272.70, Abbey Mortgage Bank dropped 9.88 per cent to ₦7.30, while Guinea Insurance fell by 8.80 per cent to ₦1.14 per share.
Trading activity, however, declined during the session. A total of 983.9 million shares valued at ₦50.8 billion were exchanged in 76,410 deals, compared to 1.3 billion shares worth ₦54.4 billion traded in 56,923 transactions in the previous session—representing a 21.79 per cent drop in activity.
Access Corporation recorded the highest volume of trades with 91.65 million shares, accounting for 9.31 per cent of total volume, while Zenith Bank posted the highest value at ₦7 billion, representing 13.80 per cent of total traded value.
Commenting on the market performance, Vice President of Highcap Securities, David Adonri, attributed the rally primarily to the banking sector, noting that mid-tier lenders such as Access Bank, Fidelity Bank, and Sterling Bank attracted significant investor interest.
He added that United Bank for Africa rebounded strongly during the session, breaking above the ₦50 mark after trading below that level for an extended period.
According to Adonri, the banking sector delivered a notably bullish performance, playing a decisive role in lifting the overall market. “The banks were extremely bullish and they moved the market today,” he said.