Stock Market Rally Nears ₦80tn as UBA, MTN, Others Lead Surge

The Nigerian Exchange (NGX) continued its bullish run on Thursday, with the All-Share Index soaring by 2.01% to close at 124,446.80 points. The surge was driven by strong performances from heavyweight stocks including United Bank for Africa (UBA), MTN Nigeria, Nigerian Breweries, and Zenith Bank.

As investor confidence deepened, market capitalisation rose by ₦1.76 trillion, moving from ₦76.9 trillion to ₦78.7 trillion, bringing the benchmark closer to the historic ₦80 trillion mark. This marks the seventh consecutive session of gains for the Exchange.

Trading activity also spiked, with volume increasing to 1.2 billion shares, up from 888 million in the previous session. UBA was among the best-performing stocks, hitting the 10% daily gain limit alongside FTN Cocoa, Caverton, HMCALL, and UPDC.

On the downside, NEIMETH and LEGENDINT posted the biggest losses of the day, both declining by 9.9%.

Analysts say the market could continue this momentum in the coming days as positive sentiment and strategic positioning in key sectors drive buying pressure across the board.