The Nigerian Exchange (NGX) achieved a historic milestone this week, with its market capitalization breaking through the N72 trillion barrier while delivering substantial returns to equity investors who gained N1.16 trillion.

Record-Breaking Performance

The domestic stock market maintained its impressive momentum ahead of the Sallah holiday period, with key performance metrics surging by 1.63% in a single trading session. This upward trajectory was fueled by strong investor appetite for medium and large-capitalization stocks, particularly NGXGROUP, MTN, and 38 other companies spanning various market sectors.

The benchmark All-Share Index climbed by 1,835.02 basis points to reach an unprecedented high of 114,616.75 points, according to multiple stockbroker reports. Over the four-day trading period, the index gained 2.57% weekly, translating to approximately N1.81 trillion in additional investor wealth.

Trading Activity Surges

Market participation intensified significantly, with both trading volume and value experiencing remarkable growth. Total trading volume jumped by 139.05% while the total value of transactions increased by 100.68% on Thursday alone.

FIDELITYBK dominated trading activity, representing 64.66% of all share volumes traded on the exchange. The tier-2 banking institution was followed by ZENITHBANK (4.90%), JAPAULGOLD (2.72%), GTCO (2.41%), and ACCESSCORP (2.05%) in the top five most actively traded stocks by volume.

In terms of transaction values, FIDELITYBK again led the pack, accounting for 49.20% of the total monetary value of all completed trades.

Market Movers

The day’s biggest winners were CHAMPION and NGXGROUP, both posting impressive 10.00% price gains. MTNN followed closely with a 9.99% increase, while OANDO (+9.96%), MORISON (+9.90%), CORNERST (+9.80%), and RTBRISCOE (+9.17%) rounded out the top performers, alongside 33 other advancing stocks.

However, not all stocks participated in the rally. Twenty-two companies experienced price declines, led by NNFM which fell 9.97%. Other notable decliners included LEGENDINT (-9.49%), LIVESTOCK (-7.82%), HONYFLOUR (-6.82%), JAIZBANK (-4.11%), and VFDGROUP (-2.25%).

Sectoral Performance

Market breadth remained decidedly positive, with 40 stocks advancing compared to 22 declining issues. All five major market sectors posted gains, demonstrating broad-based strength across the Nigerian economy.

The banking sector led sectoral performance with a 2.46% gain, followed by oil & gas companies which rose 2.36%. The insurance sector advanced 1.31%, consumer goods climbed 0.84%, and industrial stocks registered a modest 0.25% increase.

Market Capitalization Milestone

The session concluded with the overall equities market capitalization expanding by N1,157.13 billion to reach N72.28 trillion, representing a 1.63% daily increase and marking a significant milestone for the Nigerian capital market.

This performance underscores the continued confidence of both domestic and international investors in Nigerian equities, particularly as the market headed into the Sallah break period.