Nigeria's equity market reached a fresh record capitalisation of N164.97 trillion on Thursday, driven by a sharp rally in Dangote Cement Plc and gains in selected mid-cap stocks, even as losses in banking shares prevented a broader advance across all sectors. The Nigerian Exchange Limited's All-Share Index (ASI) gained 0.47 percent to close at 254,083.02 points, surpassing the previous record of N164.91 trillion set on Tuesday, October 27.
Dangote Cement, the country's largest listed company, was the chief driver of Thursday's gains. Its share price rose 5.82 percent to N1,420 per share, adding N78.10 to its price and lifting its market capitalisation to N23.96 trillion. The advance pushed the NGX Industrial Index up 3.41 percent to 12,199.47 points, making it the strongest-performing sectoral index for the session. Selected mid-cap stocks also recorded substantial gains, with eTranzact International rising 10 percent to N17.60, Sovereign Trust Insurance gaining 9.60 percent to N2.17, FTG Insurance advancing 9.38 percent and McNichols climbing 9.18 percent.
The rally was not evenly distributed across the market. The NGX Banking Index fell 2.10 percent to 2,461.21 points, weighed down by First Holdco Plc's 10 percent decline to N125.55. United Bank for Africa and Guaranty Trust Holding Company recorded marginal declines of 0.23 percent and 0.08 percent respectively. The divergence highlights how gains concentrated in large-cap and industrial stocks can drive the overall market benchmark even when heavyweight banking shares come under pressure.
Trading activity strengthened during the session, with 654.14 million shares exchanged, up 61.88 percent from 404.08 million shares on Wednesday, though the number of deals fell 8.16 percent to 35,789 from 38,970. Elsewhere, the NGX Premium Index gained 1.01 percent to 33,374.25 points, while the NGX Growth Index rose 0.98 percent to 27,158.78 points. The NGX Insurance Index advanced 0.75 percent to 1,037.04 points. The NGX Consumer Goods Index slipped 0.06 percent to 4,016.66 points, while the Oil and Gas Index edged up 0.05 percent to 6,089.25 points.
Thursday's record close extends the market's recent upward momentum, with industrial stocks providing major support. However, the contrasting performance of banking and consumer goods shares shows that the advance remains uneven across sectors, raising questions about whether buying interest will broaden across more listed companies or remain concentrated in a handful of large-cap stocks.
For savers and investors, the record valuation reflects strong gains in select stocks, though uneven sector performance means returns vary significantly depending on which companies hold their investments.