Nigeria’s equities market surged to a new milestone on Monday, with the Nigerian Exchange Group (NGX) closing at a record market capitalization of ₦93.7 trillion, driven by strong performances from heavyweight stocks led by Transcorp Power Plc.
Data from the NGX showed that Transcorp Power emerged as the day’s top performer, extending its recent bullish momentum amid rising investor confidence in the company’s earnings potential and energy sector growth prospects. The power firm’s impressive rally helped lift overall market sentiment, even as some sectors recorded mild profit-taking.
Market analysts attributed the surge to a combination of renewed institutional interest, improved liquidity, and positive macroeconomic indicators, particularly the steady appreciation of the naira and improved foreign exchange market stability. These factors have encouraged both domestic and foreign investors to increase their exposure to equities, particularly in the energy and industrial sectors.
The All-Share Index (ASI) advanced further, reflecting a broad-based uptick across major sectors including power, banking, and consumer goods. Transcorp Power’s performance was followed by gains in other notable stocks such as Dangote Cement, MTN Nigeria, and BUA Foods, which collectively contributed to the record valuation.
Analysts at Meristem Securities noted that investor optimism around Transcorp Power stemmed from its strong third-quarter financial results, which showed significant growth in profit and revenue. The company’s strategic investments in power generation efficiency and diversification across energy assets have positioned it as a key driver of the market’s current rally.
Meanwhile, trading volume remained robust, with investors showing sustained interest in blue-chip stocks and dividend-paying companies. The positive trend reinforces expectations that the NGX may sustain its upward trajectory in the final quarter of 2025, barring external shocks or monetary tightening.
Commenting on the development, market expert Ayodeji Ebo, noted that “the consistent performance of Transcorp Power and other leading firms underscores the resilience of Nigerian equities despite global economic uncertainties.”
The NGX’s surge to ₦93.7 trillion marks a historic moment for Nigeria’s capital market, reflecting both investor confidence and the growing appeal of listed firms amid gradual economic recovery.
With Transcorp Power continuing to outperform peers, market watchers believe the company’s dominance could set the tone for further sectoral growth and sustained investor participation in the weeks ahead.
