Stock Market Gains N2.3trn in Four Days on Renewed Investors’ Interest
Kayode Tokede The stock market segment of the Nigerian Exchange Limited (NGX) has appreciated by N2.3 trillion this week as investors excitement about Dangote Refinery’s N2.15 trillion Initial Public Offer
The Nigerian stock market experienced a significant boost of N2.3 trillion over the course of four days, fueled by renewed investor interest in Dangote Refinery's N2.15 trillion Initial Public Offering (IPO), according to data from the Nigerian Exchange Limited (NGX). Since the IPO commenced on Tuesday, the domestic market has shown positive momentum for four consecutive trading sessions.
The market capitalization of listed stocks opened for trading at N157.587 trillion on Monday, soaring to N159.692 trillion by the end of trading on Friday, representing a 1.46 percent increase.
The NGX All-Share Index has climbed from 243,052.74 basis points to 246,315.38 basis points, marking a 3,262.64 basis point rise or 1.34 percent increase over the week. This gains resulted in the NGX ASI reporting a positive increase of +0.9 percent in its Month-to-Date performance and +58.3 percent Year-to-Date returns.
On a daily basis, gains across various sectors propelled the NGX ASI higher. The market kicked off the week with gains in First Holdco Plc (+3.7 percent), Nestle Nigeria Plc (+3.6 percent), and NGX Group Plc (+10 percent), driving the NGX ASI up by 0.1 percent to 243,299.23 basis points. The following day, HBM Nigeria Plc (+1.5 percent), Zenith Bank Plc (+1.7 percent), NB (+4.4 percent), and NGX Group (+10 percent) contributed to the market's positive trend, pushing the NGX ASI to 244,304.52 basis points by the close.
On the third day, the stock market closed on a higher note, driven by gains in MTN Nigeria (+0.5 percent), Transcorp (+4.1 percent), NB (+5.2 percent), and UBA (+1.7 percent). These factors led to a 0.2 percent increase in the NGX ASI, closing at 244,791.80 basis points. Finally, on the fourth day, BUA Cement (+10 percent) and First Holdco (+5 percent) contributed to the market's upward movement, resulting in a 0.6 percent rise in the NGX ASI, bringing the index to 246,315.38 basis points.
Aruna Kebira, the MD/CEO of Globalview Capital Limited, attributed the stock market's surge this week to strong institutional buying across tier 1 banking, oil & gas, and consumer goods stocks. She acknowledged solid corporate earnings releases and positive macroeconomic sentiment as key factors. Kebira also highlighted strategic moves, such as high-profile corporate actions, major primary listings, and corporate restructuring, as significant contributors to liquidity and investor confidence in blue-chip equities.
Additionally, sustained policy stability and growing interest from domestic institutional funds, particularly pension fund administrators, in dividend-yielding stocks were mentioned as factors driving capital appreciation across major sectoral indices.
Written by urgent.news from This Day's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
