By Abubakar Yunusa
The Nigerian stock market gained N160bn on Monday as the All-Share Index rose by 246.50 points, despite a sharp 97.47 per cent plunge in trading volume amid cautious investor sentiment.
The ASI increased by 0.10 per cent to close at 243,299.24 points, while market capitalisation rose from N157.587tn to N157.747tn, driven mainly by gains in medium and large-capitalised stocks.
The stocks that lifted the market included Nestle Nigeria, Nigerian Exchange Group, First Holdco, Custodian Investment and Dangote Sugar Refinery.
However, the positive performance of the benchmark index masked weak market breadth and a major decline in trading activity.
A total of 20 stocks appreciated, while 28 declined, indicating that the gain in market capitalisation was concentrated in a relatively small number of stocks.
Royal Exchange and Nigerian Exchange Group topped the gainers’ table, rising by 10 per cent each to close at 99 kobo and N162.80 per share respectively.
RT Briscoe followed with a 9.88 per cent gain to close at N8.90 per share.
Secure Electronic Technology appreciated by 7.69 per cent to close at 70 kobo, while Prestige Assurance gained 7.19 per cent to close at N1.49 per share.
On the losers’ chart, John Holt led with a 10 per cent decline to close at N8.10 per share.
Daar Communications and Ellah Lakes followed, shedding 9.80 per cent each to close at N1.38 and N9.20 per share respectively.
Regency Alliance Insurance fell by 8.97 per cent to close at 71 kobo, while Learn Africa declined by 8.67 per cent to N7.90 per share.
Imperial Asset Managers Limited warned that the market’s near-term sentiment could remain cautious despite the rebound.
The firm attributed the caution partly to the N2.15tn Dangote Refinery initial public offering, which opened on Monday and could divert liquidity from some listed equities.
“Near-term sentiment may remain cautious despite today’s rebound, as the N2.15 trillion Dangote Refinery IPO opened today and could keep liquidity rotating away from some listed equities,” the asset manager said.
It said investors would also focus on Nigeria’s August inflation data due this week, noting that the figures could influence interest-rate expectations and risk appetite.
“Attention also turns to Nigeria’s August inflation data due this week, which could influence rate expectations and risk appetite,” it added.
Imperial Asset Managers said Nigeria’s FTSE Russell Frontier Market reclassification, which takes effect on September 21, 2026, could provide medium-term support for foreign investor interest.
Meanwhile, trading activity weakened significantly during the session.
Market volume plunged by 97.47 per cent to 15,594 units from 615,427 units previously traded.
Traded value also dropped by 93.57 per cent to N1.39m from N21.60m, while the number of deals fell sharply to eight from 28.
The development showed that despite the market’s N160bn gain, investor participation remained subdued as funds rotated amid the Dangote Refinery IPO and expectations surrounding fresh inflation data.
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