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The Nigerian stock market rebounded on Monday, with the NGX All-Share Index (ASI) climbing 0.85% to close at 109,953, driven by strong performances in key sectors. The process industries sector led gains, surging 4.10%, followed by energy minerals (+3.07%), transportation (+2.91%), and consumer non-durables (+0.50%).
Top gainers included Aradel Holdings (+9.98%), BUA Foods (+5.26%), Zenith Bank (+1.79%), and International Breweries (+2.15%). However, declines in distribution services (-1.90%), producer manufacturing (-1.66%), and technology services (-1.66%) tempered overall market momentum.
Rally comes amid growing foreign investment interest
The rally comes amid growing foreign investment interest in Nigeria’s economy. A newly signed three-year strategic partnership with China aims to enhance cooperation in infrastructure, trade, and culture, aligning with Beijing’s broader African economic strategy. Additionally, Türkiye has announced plans to boost bilateral trade with Nigeria to $5 billion, further strengthening investor sentiment.
In another positive development, the launch of a dedicated air corridor under the African Continental Free Trade Area (AfCFTA) is expected to cut export costs and improve regional market access, providing long-term support for Nigeria’s equities.
While market breadth remained neutral—with seven sectors advancing, seven declining, and six flat—analysts maintain a cautiously optimistic outlook, citing stabilizing macroeconomic conditions and increasing foreign trade engagements as key drivers for sustained growth.
