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

The Nigerian Exchange Limited (NGX) kicked off September on a bullish note, with capital appreciation in mid-cap and blue-chip equities driving a N1.22tn increase in total market capitalisation. The benchmark NGX All-Share Index climbed 1,883.24 basis points, or 0.77%, to close at 246,082.63, while equity market capitalisation expanded to N158.96tn from N157.74tn the previous day.

This broad-based rally propelled the year-to-date market return to 58.14%. Buying sentiment spread across multiple sectors, with energy, consumer goods, and financial heavyweights leading the charge, including Aradel Holdings, Nestlé Nigeria, HBM Nigeria, May & Baker Nigeria, and First HoldCo. Market breadth closed overwhelmingly positive, with 40 stocks advancing against 19 decliners.

Aradel Holdings surged 8.83% and Nestlé Nigeria rose 5.83% to provide upward leverage. Total volume traded rose 7.44% to 651.32 million shares, while transaction value increased 5.35% to N40.77bn. However, executed deals contracted 18.16% to settle at 43,760. Access Holdings Plc led volume activity, followed by MTN Nigeria Communications Plc in turnover value.

Sector performances showed broad investor optimism, with the NGX Oil & Gas Index posting the strongest gains at 3.87%, followed by the Insurance Index at 3.34%. Banking and Consumer Goods indexes gained 0.87%, while Industrial Goods rose 0.71%. FTN Cocoa and McNichols Plc led the gainers' chart, soaring 10% each to close at N8.25 and N4.95, respectively, while Tripple Gee & Company Plc and ABC Transport Plc led the decliners, falling 9.72% and 9.22%, respectively.

Capital market analysts attribute sustained buying pressure to institutional and retail investors realigning portfolios for third-quarter value opportunities.