Nigerian Stock Market Surges as ASI Crosses 133,000 Points on Renewed Investor Interest

Nigeria’s equities market extended its bullish momentum on Thursday as the benchmark All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) surpassed the 133,000-point threshold on renewed interest in banking, insurance, and oil & gas stocks.

The ASI rose by 642.56 points, or 0.48% to close at 133,199.99 index points compared to 132,557.43 recorded in the previous session.

The market capitalisation of listed equities increased by ₦406 billion to ₦84.262 trillion, up from ₦83.856 trillion.

Thursday’s rally brought the year-to-date (YTD) return to +29.41%, reflecting sustained bullish sentiment despite concentration in a limited number of large-cap stocks.

A total of 818.39 million shares valued at ₦22.67 billion were exchanged in 22,955 deals, with notable activity recorded in Japaul Gold, United Bank for Africa (UBA), Access Holdings, Consolidated Hallmark Insurance, and Nigerian Breweries.

Top Gainers

FTN Cocoa Processors Plc led the gainers chart after its share price rose from ₦6.00 to ₦6.60, gaining 60 kobo or 10%. Academy Press Plc followed, advancing from ₦7.70 to ₦8.47, adding 77 kobo or 10%.

Other notable gainers included Sovereign Trust Insurance Plc, which appreciated by 13 kobo or 10% to close at ₦1.43 from the previous day’s ₦1.30. RT Briscoe Nigeria Plc rose by 34 kobo or 9.97% to ₦3.75 while The Initiates Plc increased from ₦13.34 to ₦14.67, up ₦1.33 or 9.97%.

Sectoral Performance

The positive market performance was largely supported by gains in the banking, insurance, and oil & gas sectors, as investors continued bargain-hunting activities in fundamentally strong stocks.

Market analysts noted that while the broader sentiment remains optimistic, the current rally is heavily dependent on a few large-cap stocks, raising concerns about short-term market sustainability.

“The rally is becoming increasingly reliant on a handful of large caps, while mid- and small-cap names face pressure. Without sector rotation or support from lagging names, the market risks a short-term stall. A hold above 132,000pts remains key to keeping sentiment afloat heading into Friday,” analysts at Vetiva Research stated in a post-trading note.

Outlook

Investor sentiment remains broadly positive as the market benefits from increased liquidity, strong corporate earnings, and macroeconomic policy clarity.

However, market breadth is expected to be closely monitored, with sector rotation and support for mid-cap stocks seen as crucial for sustaining the uptrend.

The market will be watching Friday’s session for confirmation of sustained upward momentum, with attention on blue-chip counters and upcoming earnings releases.