The Nigerian Exchange (NGX) closed marginally in positive territory rising by 0.10% as sustained investor appetite for tier-1 banking shares outweighed profit-taking across telecom and industrial tickers.
The Nigerian stock market opened the week on a positive note, with the main market index rising by 0.10% to close at 243,299.24 points.
The modest gain added approximately ₦159.8 billion to the overall value of the market, bringing total market capitalization to ₦157.75 trillion.
The positive performance marked the fourth consecutive session of gains for the market driven largely by price increases in major banking stocks on the same day the ₦2.15 trillion Dangote Refinery Initial Public Offering (IPO) opened for public subscription.
Commercial bank shares provided significant support to push the benchmark index higher. The sector was led by gains in Fidelity Bank, which rose 5.3%, and First HoldCo which advanced 3.7%, alongside financial services provider Custodian Investment which gained 7.1%.
The Nigerian Exchange Group (NGX Group) emerged as the single top performer of the trading session, jumping 10% to hit its maximum daily price limit of ₦162.80 per share. Outside the financial sector, Nestlé Nigeria recorded a 3.6% gain providing support to the consumer goods segment.
Despite the overall rise in market value, overall market breadth ended negative, with 28 stocks losing value compared to 19 gainers.
This indicates that the market’s upward movement was driven by a select group of strong-performing companies rather than widespread gains across all listed firms.
Sector performance across the exchange remained mixed throughout the day.
The NGX Insurance Index fell 0.53%, making it the weakest-performing sector of the day. Meanwhile, the NGX Consumer Goods Index dropped 0.23% and the NGX Oil and Gas Index slipped by 0.05% while both the Industrial and Commodity indices closed flat with no significant price changes.
See also: ANLCA and Access Bank Launch ATM-Enabled Biometric ID Cards
Trading activity slowed down compared to previous sessions. Total volume dropped 22.41% to 428.97 million shares, while total trading value fell 20.42% to ₦20.52 billion. Sterling Financial Holdings recorded the highest volume of traded shares at 78.05 million units, while Aradel Holdings led in total transaction value at ₦2.48 billion.
Market analysts attribute the lower trading activity to investors reorganizing their portfolios ahead of the Dangote Refinery IPO, which runs for 30 days until October 13. With many investors freeing up capital to participate in the mega-offering trading across other traditional stock sectors is expected to remain cautious over the coming weeks.
About the Author
Praise fortune is a tech analyst and journalist based in Nigeria, Her work serves as a vital bridge between complex corporate maneuvers and the everyday reader, breaking down high-stakes financial, regulatory, and technological shifts across the African continent into clear highly readable narratives. With a deep focus on fintech, traditional banking transformation and digital infrastructure, she have become a dedicated analyst of the architects building Africa’s digital economy.
