Nigeria’s stock market extended its bullish run as the benchmark NGX All-Share Index climbed 2.02% to close at 244,588.93 points. The latest gain pushed the market’s year-to-date return to 57.18%, while overall market capitalisation rose to N156.7 trillion ($115 billion). Leading the rally was Dangote Cement, which advanced by 10% to settle at N1,088 per share. Banking stocks also played a key role in the surge, with strong activity recorded in United Bank for Africa, FCMB Group and Access Holdings, all of which ranked among the session’s most heavily traded equities.
The sustained upward momentum reflects growing investor appetite for equities as market participants seek stronger returns amid inflationary pressures and continued volatility in the naira. Banking stocks, in particular, have attracted renewed attention following the Central Bank of Nigeria’s directive for lenders to meet revised capital thresholds by 2027. Sector performance remained strong, with the NGX Industrial Index soaring 6.97% on Friday to more than double its value this year. The banking index also posted a 3.21% gain, bringing its year-to-date performance to over 53%.
Despite the bullish close, overall trading activity declined compared to the previous session. A total of 858.3 million shares valued at N38.7 billion were traded across 61,219 deals, representing declines of 42% in volume, 40% in value and 24% in transaction count from Thursday’s session.VFD Group emerged as the most actively traded stock with 102 million shares exchanged, followed by FCMB Group with 99.3 million shares. United Bank for Africa recorded 83.8 million shares, while Access Holdings saw 71.8 million shares traded.
Market gainers extended beyond Dangote Cement, with MeCure Industries, Neimeth International Pharma and UPDC Real Estate Investment Trust each posting the maximum 10% appreciation. On the downside, UAC of Nigeria shed 10% to close at N171 per share, while Industrial & Medical Gases and Legend Internet also recorded 10% losses. Eterna declined by 9.93%.
The equities market has witnessed heightened investor participation in recent months as ongoing economic reforms, exchange rate adjustments and elevated inflation continue to influence investment decisions across Nigeria. Analysts note that domestic investors, who account for the bulk of NGX activity, have increasingly shifted toward equities as listed companies continue to show resilience despite high borrowing costs and persistent inflationary challenges. However, some market observers have warned that the rapid pace of gains may prompt profit-taking, particularly as several large-cap stocks have repeatedly reached their daily price limits in recent trading sessions.
