Akintunde Oyedokun
Research Analyst
The Nigerian stock market started the new week Monday on a bullish note, as the NGX All-Share Index advanced by 1.99% to close at 144,071.78 points. This rally extended the market’s positive streak, driven by strong buying interest in heavyweight and mid-tier stocks such as UACN, NAHCO, BUAFOODS, DANGCEM, BUACEMENT, and others. The upbeat performance led to a ₦1.78 trillion boost in investor wealth, pushing the total market capitalization to ₦91.15 trillion, while the year-to-date return rose to 39.98%.
Market sentiment remained firmly positive with 43 stocks closing higher against 23 losers. UPDC, ROYALEX, and LASACO topped the gainers’ chart, while TRANSPOWER and ACADEMY led the losers. UPDC, UACN, MBENEFIT, MECURE, and ROYALEX all touched new 52-week highs, reflecting strong bullish momentum, while TRANSPOWER dropped below its 52-week low at ₦288.00, signaling persistent selling pressure.
However, overall market activity saw a slowdown, as total traded volume declined by 24.84% to 811.10 million units, with a total value of ₦19.47 billion exchanged in 35,963 deals. FCMB led the volume chart with 84.95 million units, contributing 10.47% of the total daily turnover, followed by UNIVINSURE and FIDELITYBK. In terms of value, GTCO led with ₦2.76 billion worth of shares traded, accounting for 14.20% of the day’s total transaction value, while ZENITHBANK and DANGCEM followed closely.
Technically, the NGXASI has broken above key resistance levels around 142,000 points, confirming continued bullish momentum. The strong price action across large-cap stocks and rising investor participation support the short-term uptrend. Indicators such as RSI and MACD remain positive, though creeping toward overbought zones, suggesting that while the market is ripe for further gains, profit-taking may set in around the 145,000 to 147,000-point region. As long as the index holds above the breakout point, the momentum is expected to continue.
Looking ahead, the market is likely to sustain its bullish tone, supported by renewed investor confidence and positioning ahead of earnings season. Traders should remain vigilant for potential reversals at technical resistance, while investors may consider accumulating fundamentally strong stocks on minor pullbacks.
