Data from the Nigerian Exchange (NGX) showed investors traded 1.49 billion shares worth N68.39 billion ($50 million) across 94,675 deals, compared with Friday’s session. Trading volume rose 42%, while turnover and deals increased by 36% each.
The NGX All-Share Index climbed by 5,709.71 points to close at 250,485.54, pushing the market’s year-to-date return to 60.97%.
Nigeria’s stock market capitalisation rose to N160.3 trillion, equivalent to about $117 billion at the official exchange rate.
The latest rally adds to what has become one of the strongest equity market performances in Africa this year, as investors continue shifting funds into stocks in search of inflation-beating returns amid high interest rates and naira volatility.
Banking stocks remained among the biggest drivers of the market’s advance following ongoing recapitalisation efforts in the sector.
The NGX Banking Index rose 4.67% on Monday and has now gained 60.51% since the start of the year.
Industrial stocks also posted strong gains, with the NGX Industrial Index rising 4.32% during the session and recording a year-to-date gain of 117.85%.
In total, 133 listed equities participated in trading, with 62 gainers against 17 losers, reflecting broadly positive market sentiment.
RT Briscoe led the gainers after its share price rose 11.49% to close at N16.50 per share. Livestock Feeds gained 10.69%, while FTN Cocoa Processors and Zichis Agro Allied Industries rose 10.67% and 10.01% respectively.
On the losing side, University Press declined 9.09% to close at N4.00 per share. Secure Electronic Technology lost 6.32%, while NPF Microfinance Bank and Mutual Benefits Assurance fell 6.25% and 5.72% respectively.
Veritas Kapital Assurance recorded the highest trading volume with 195 million shares exchanged, followed by Access Holdings with 172 million shares, First HoldCo with 132 million shares and FCMB Group with 124 million shares.
Other major NGX indices also closed higher. The NGX Premium Index advanced 4.76%, while the NGX Top 30 Index rose 2.32%. The NGX Pension Index gained 2.65%, and the NGX Main Board Index added 0.83%.
The market’s recent momentum comes as investors position ahead of corporate earnings releases, banking sector capital raises and expectations that listed companies could continue benefiting from inflation-driven revenue growth.
