October 06, (THEWILL) — The Nigerian Exchange Limited (NGX) opened the week on a strong note as investors piled into energy and insurance stocks, lifting both the market capitalisation and the All-Share Index (ASI) by 0.84 per cent on Monday.
Market capitalisation rose from ₦91.14tn to ₦91.92tn, while the ASI climbed from 143,584.04 basis points to 144,822.77 points.
The rally reflected improved investor sentiment across key sectors, buoyed by gains in large-cap stocks such as SEPLAT Energy, MANSARD Insurance, and SFS Real Estate Investment Trust (SFSREIT). Market breadth was positive, with 49 gainers outpacing 23 losers.
MANSARD Insurance led the gainers’ chart with a 10 per cent rise to close at ₦15.84 from ₦14.40, driven by investor confidence in the insurer’s restructuring and profit outlook.
SEPLAT Energy also gained 10 per cent to close at ₦5,917.20 from ₦5,379.30, following improved oil prices and renewed optimism in the energy sector.
SFSREIT appreciated by 9.97 per cent to close at ₦381.10 from ₦346.55, reflecting strong investor appetite for real estate-backed instruments amid inflationary pressures.
ELLAHLAKES and CHAMS also rose 9.95 per cent and 9.87 per cent respectively.
On the flip side, INTENEGINS shed 8.42 per cent to close at ₦2.72, while MCNICHOLS dropped 8.31 per cent to ₦3.20. Other laggards included THOMASWY (-7.72%), BERGER Paints (-6.80%), and ABCTRANS (-5.87%), as investors took profits in industrial and transport stocks.
Analysts attributed the rally to renewed institutional interest in energy and insurance sectors, foreign portfolio inflows into oil and gas equities, and stable macroeconomic indicators such as moderating inflation and improved FX liquidity.
They added that investors are positioning ahead of the fourth-quarter earnings season, targeting companies with resilient fundamentals and growth potential.
The upbeat performance, they said, signals growing confidence in the Nigerian economy and could further attract foreign portfolio investments, particularly in sectors with dollar-linked revenues like oil and export-oriented agriculture.
With Monday’s broad-based rally, analysts expect sentiment to remain positive in Tuesday’s session, though mild profit-taking may occur among top gainers.
If current momentum persists, the NGX could sustain its upward trajectory in the short term as both domestic and foreign investors deepen their positions.
Ogochukwu Onwaeze
