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

The Nigerian Exchange Limited opened September on a bullish note, as capital appreciation in key mid-cap and blue-chip equities lifted total market capitalisation by N1.22tn.

The benchmark NGX All-Share Index rose by 1,883.24 basis points, or 0.77 per cent, to settle at 246,082.63. Market capitalisation closed at N158.96tn, up from N157.74tn recorded in the previous session.

Year-to-date returns and market drivers

The rally pushed the year-to-date market return to 58.14 per cent. Buying sentiment extended across multiple sectors, anchored by price appreciation in energy, consumer goods, and financial heavyweights including Aradel Holdings, Nestlé Nigeria, HBM Nigeria, May & Baker Nigeria, and First HoldCo.

Market breadth was overwhelmingly positive, with 40 advancing stocks against 19 decliners. Aradel Holdings rose 8.83 per cent, while Nestlé Nigeria gained 5.83 per cent, providing enough upward leverage to offset moderate profit-taking in select large-cap counters.

Sectoral and trading activity

The NGX Oil & Gas Index led sectoral performance with a 3.87 per cent surge. The Insurance Index rose 3.34 per cent. The Banking and Consumer Goods indexes each gained 0.87 per cent, while the Industrial Goods sector recorded a 0.71 per cent uptick.

Trading activity showed mixed engagement. Total volume traded rose 7.44 per cent to 651.32 million shares. Total transaction value increased 5.35 per cent to N40.77bn. Total executed deals contracted 18.16 per cent to settle at 43,760.

Access Holdings topped the activity chart by volume with 129.89 million units valued at N4.16bn. MTN Nigeria Communications led in turnover value, with deals worth N4.69bn.

Gainers, decliners and outlook

FTN Cocoa Processors and McNichols led the gainers after rising 10.00 per cent each to close at N8.25 and N4.95 respectively. SUNU Assurances Nigeria followed with a 9.94 per cent gain.

On the downside, Tripple Gee & Company fell 9.72 per cent to lead the decliners. ABC Transport and Nigerian Aviation Handling Company dropped 9.52 per cent and 9.22 per cent respectively.

Capital market analysts attributed the sustained buying pressure to continued portfolio realignment by institutional and retail investors positioning for third-quarter value opportunities.