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NGX All-Share Index rises 0.56%, boosted by banking and consumer durables stocks.
The Nigerian equity market continued its upward momentum, with the NGX All-Share Index (ASI) climbing 0.56% to close at 105,551 points. Investor sentiment remained mixed across sectors, with six out of 20 sectors closing in positive territory, five recording losses, and the rest remaining flat.
Sector Performance: Financials and Consumer Durables Lead Gains
The consumer durables sector surged 3.26%, while the financial sector advanced 3.08%, reflecting renewed investor confidence in key banking stocks. Among top gainers in the financial sector:
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Guaranty Trust Holding Company (GTCO) soared 6.53%
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Zenith Bank Plc rose 5.04%
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United Bank for Africa (UBA) gained 2.72%
Despite the rally in banking stocks, major blue-chip companies such as Dangote Cement Plc, BUA Foods Plc, and MTN Nigeria Communications saw limited movement, closing the session unchanged.
Bank Recapitalization Efforts Fuel Market Optimism
Investor confidence has been further strengthened by progress in the recapitalization efforts of Nigerian banks, as lenders work to meet new Central Bank of Nigeria (CBN) capital requirements. Leading banks such as First Bank Holdings (FirstHoldCo), Wema Bank, and Fidelity Bank have advanced their capital-raising initiatives, ensuring compliance with regulatory standards.
External Factors Driving Market Sentiment
Beyond domestic market dynamics, external influences such as rising Nigerian jet fuel exports to the U.S. are supporting foreign exchange inflows, further stabilizing investor sentiment.
Outlook: Inflation, Policy Risks, and Global Trends in Focus
While the current rally is encouraging, broader economic challenges remain. Inflationary pressures, policy risks, and ongoing global trade tensions could influence the market’s near-term trajectory. Investors will be closely monitoring fiscal policies, regulatory decisions, and external economic trends that could shape the performance of Nigerian equities in the coming weeks.
