Equity Market’s Rally Surpasses N3.5 Trillion in Seven-Day Streak

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The Nigerian Exchange Limited’s bullish run continued into its seventh day on Monday, yielding a daily gain of N365 billion and an impressive compound gain of N3.5 trillion since the rally’s commencement on December 28, 2023.

Marking a significant milestone, the All-Share Index surged past the 80,000 mark, closing at 80,328.57 basis points. The overall market capitalization also experienced a notable 0.83% increase, reaching N43.957 trillion.

Leading the charge in this market surge were key stocks, including Transcorp, Fidelity Bank, Access Holdings Plc, FCMB Group, and United Bank for Africa, the latter crossing the N1 trillion mark in market capitalization due to heightened activity in the banking sector.

Analysts interpret this upward trajectory as a strong indicator of substantial demand for Nigerian stocks, setting the stage for an eagerly anticipated reporting and dividend earning season in the coming weeks.

Investors are closely watching as the market continues its positive trend, anticipating further developments in the upcoming reporting season.

Source: PUNCH

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