NGX Surges ₦609bn as Banking Stocks Lead Market Rally
The Nigerian Exchange kicked off the week on a high, adding ₦609 billion in value as banking and major blue-chip stocks rallied. Market capitalization rose by 0.44% to ₦140.435 trillion, while the All-Share Index gained 946.27 points to close at 218,113.84. Top gainers included NAHCO and Union Dicon Salt, each up 10%, with Fidelity Bank, Trans-Nationwide Express and Access Corporation also climbing nearly 10%. Despite the broad uptick, advancers (36) and decliners (35) were almost equal. Stanbic IBTC and Livingtrust Mortgage Bank shed 10%, and Transcorp Power and Abbey Mortgage fell around 9.9%. Trading volume dipped 21.8%, with 983.9 million shares worth ₦50.8 billion exchanged. Access led by volume and Zenith Bank by value. A market analyst noted strong demand for mid-tier lenders drove the bullish start to the week.
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