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Airtel Africa emerged as the key driver of gains on the Nigerian Exchange after its stock rallied 10 percent, helping push the broader market higher amid renewed investor appetite for fundamentally strong equities.
Airtel Africa paces gainers with 10 percent rally
The telecommunications group's share price climbed to N2,497.00 during the session, placing it at the top of the gainers' chart and setting the tone for bullish sentiment across the market. The rally came as investors engaged in selective buying, focusing on stocks viewed as resilient amid shifting market conditions. The advance reflected sustained confidence in Airtel Africa's revenue outlook across its sub-Saharan African markets, where mobile data and fintech growth continue to underpin long-term earnings potential.
Other equities that followed Airtel Africa on the gainers' table included Consolidated Hallmark, John Holt, Legend Internet and Zichis, all of which posted near double digit advances. Their performance reinforced the positive tone created by Airtel Africa's strong move. Analysts noted that investors appeared to be rotating into names with strong fundamentals, suggesting confidence in underlying corporate earnings despite broader macroeconomic uncertainty.
Market indices close in positive territory
The broader market closed higher by 0.85 percent as buying pressure spread across key sectors. Insurance, consumer goods and banking indices recorded gains, reflecting widespread demand for quality stocks. Industrial goods and energy counters ended the session unchanged, as investors directed attention toward sectors seen as more immediately attractive.
The benchmark All Share Index added 1,691.86 points to settle at 200,705.88 points from 199,014.02 points. Market capitalization also expanded by N1.086 trillion to close at N128.836 trillion, underscoring the impact of the rally led by Airtel Africa and other gainers. The crossing of the 200,000-point threshold was seen as a psychologically significant level, with participants watching closely for sustained momentum above that mark.
Trading volume rises as breadth favors advancers
Trading activity strengthened despite a drop in the number of deals. A total of 1.3 billion shares valued at N65.3 billion were exchanged in 89,949 transactions. This compared with 848.8 million shares worth N53.3 billion traded in 139,458 deals in the previous session. The figures reflected higher volume and value as investors increased positions in select stocks.
Market breadth closed positive with 32 advancing equities against 26 decliners, further confirming bullish sentiment. Analysts attributed the momentum to bargain hunting and portfolio repositioning ahead of anticipated earnings updates.
On the losers' chart, NPF Microfinance Bank, Royal Exchange, CWG, Veritas Kapital and UPDC recorded declines, though the pullbacks were insufficient to offset the strong gains led by Airtel Africa. The number of declining stocks remained well below advancers, reinforcing the overall positive character of the session.
Access Holdings dominated trading volume with 266.8 million shares, while GTCO led by value after 184.4 million shares worth N19.4 billion changed hands. Wema Bank, UBA and Zenith Bank also featured among the most actively traded stocks.
The session highlighted Airtel Africa's growing influence on market direction, with its double digit advance helping sustain investor confidence and lift the Nigerian Exchange into positive territory.
