Lagos, Nigeria – The NGX rebounds after a week of losses, as renewed demand for banking and oil stocks lifted Nigeria’s equities market by $186.6 million on Thursday. The rally ended a bearish streak and highlighted investor appetite for resilient counters in finance and energy.
The Nigerian Exchange’s All-Share Index (ASI) rose 0.31 percent, closing at 141,149.04 basis points. Market capitalization climbed by ₦279.37 billion to ₦89.34 trillion, pushing the year-to-date return to 37.14 percent.
Investor sentiment turned positive with 33 gainers against 22 losers, producing a strong market breadth. Mecure Industries, Oando, McNichols Consolidated, Chams, and Legend Internet Services topped the advancers, while Eterna, Sovereign Insurance, The Initiates, Caverton Offshore Support Group, and Fidson Healthcare led the laggards.
Sectoral performance was mixed. The Banking Index gained 1.02 percent on heavy demand for Zenith Bank and Guaranty Trust Holding Company shares. Oil & Gas and Consumer Goods indices advanced 0.74 percent and 0.31 percent, respectively. Insurance slipped 0.41 percent, while Industrial and Commodity sectors closed flat.
Trading activity spiked on concentrated high-value deals. Traded volume jumped 1,137.15 percent to 5.48 billion shares, while turnover surged 2,373.24 percent to ₦419.73 billion. Despite the surge, the number of executed deals fell 8.34 percent to 20,399, underscoring the dominance of large block trades.
Analysts attributed the rebound to bargain hunting and positioning after the Central Bank’s recent rate cut. “Banking and energy counters have remained resilient amid monetary easing and will likely continue attracting inflows,” one analyst noted.
The rally signals renewed momentum for the exchange as the fourth quarter approaches, with sustained interest in banking and oil stocks expected to anchor performance in the coming weeks.
