Nigerian stocks rebound sharply Monday, adding N3.17tn as ASI tops 234,000 points
Nigerian stocks rebounded sharply Monday July 6, with the NGX All-Share Index jumping 2.15% to close at 234,178.23 points—reclaiming the 234,000-point threshold. Market capitalisation surged by N3.17 trillion to N150.27 trillion, reversing most of last week’s losses and pushing year-to-date returns to 50.49%.
The broad-based recovery saw institutional buyers return aggressively to banking, industrial and energy stocks after last week’s sell-off. All six sectoral indices closed higher, led by Industrial Goods (+4.89%) and Oil & Gas (+4.22%). Banking stocks rose 3.05% as investors accumulated First HoldCo, GTCO, Access Holdings, UBA, Fidelity Bank and Wema Bank.
Trading activity confirmed strong participation: volume jumped 18.40% to 538.64 million shares while value traded soared 40.18% to N38.70 billion. Zenith Bank dominated activity (89.46m shares, N9.77bn value). Top gainers were First HoldCo and Wema Bank (both +10.00% to N60.50 and N29.70), Aradel Holdings (+9.99% to N1,403.30), NGX Group (+9.96% to N129.75) and Veritas Kapital Assurance (+9.92% to N1.44). Top losers included NAHCO and Vitafoam Nigeria (both -10.00%).
With banking and industrial stocks leading the rebound ahead of Q2 earnings, will you rebalance toward these sectors or maintain current allocations?