The Nigerian Exchange (NGX) continued its bullish momentum as investor sentiment remained upbeat across key sectors. Market capitalization surged past the ₦80 trillion mark, powered by strong gains in the financial and consumer goods sectors, with Guaranty Trust Holding Company Plc (GTCO) making history as the first banking stock to trade above ₦100.
GTCO Sets Historic Record
GTCO led the rally by becoming the first banking stock to cross the ₦100 threshold on the NGX, trading as high as ₦103 during intraday trading. This milestone comes on the back of the company’s dual listing in London and Lagos, robust first-quarter earnings, and increased investor confidence.
Market Hits New Heights
The NGX All-Share Index (ASI) closed at 128,967.08 points, marking a 1.8% gain on the day and a 5.6% rise so far in July. This brings the year-to-date return to approximately 23%, reflecting one of the longest bullish streaks seen on the exchange since early 2024.
In one of the most active trading sessions of the year, investors exchanged 11.67 billion shares valued at ₦363 billion across 36,643 deals. The market gained a record ₦1.44 trillion in a single day.
Sector Performance and Rotation
The financial sector was at the heart of the market’s momentum, with institutional investors rotating out of oil and gas stocks and into banking equities in anticipation of improved half-year earnings and higher yields. Mid- and small-cap stocks in the logistics, agro-allied, and services sectors also saw increased retail participation.
Top gainers for the day included Nestlé Nigeria, Eunisell Interlinked, Secure Electronic Technology, Omatek Ventures, and Tripple Gee & Co.
Investor Outlook
Analysts expect the rally to persist, driven by:
Anticipated strong earnings reports from tier-one banks.
Renewed interest in dual-listed and fundamentally sound equities.
A favorable macroeconomic environment and improved liquidity.
Summary Indicators
Indicator Current Status
Market Capitalization ₦80.6 trillion
NGX All-Share Index 128,967.08 points
Year-to-Date Return ~23%
Top Gaining Sector Financials (GTCO-led)
Trading Volume (Daily) 11.67 billion shares
Trading Value (Daily) ₦363 billion
As earnings season approaches, market participants are advised to monitor corporate disclosures closely, particularly from financial institutions and blue-chip stocks.
