The Nigerian stock market maintained its bullish momentum, with overall market capitalization increasing by N98 billion. The All Share Index (ASI) climbed by 158.05 points, representing a 0.15 percent growth, closing at 104,788.35 points. Market capitalization also rose to N64.890 trillion, reflecting continued investor confidence.
Gains in medium and large-cap stocks such as Presco, Beta Glass, Northern Nigeria Flour Mills, MTN Nigeria Communications, and Nigerian Exchange Group contributed to the market’s positive performance. Analysts at Afrinvest Limited anticipate a sustained bullish trend, expecting strong full-year 2024 earnings releases to further boost market sentiment.
Investor sentiment remained positive as 38 stocks advanced while 23 declined. Red Star Express and Universal Insurance recorded the highest gains of 10 percent each, closing at N5.50 and 66 kobo per share, respectively. NNFM and Beta Glass followed with a 9.98 percent increase each, while Chellaram gained 9.89 percent to close at N7.89 per share.
On the losing side, Ikeja Hotel recorded the biggest decline, dropping 9.55 percent to close at N9.95 per share. NEM Insurance fell by 6.59 percent to N12.05, while SUNU Assurance declined by 6.14 percent to N5.35 per share. Consolidated Hallmark Holdings depreciated by 5.97 percent, closing at N3.15, and Royal Exchange fell by 3.03 percent to 96 kobo per share.
Total trading volume dropped by 7.6 percent, with 471.708 million shares exchanged, valued at N19.890 billion across 14,600 deals. Transactions in FBN Holdings shares topped the activity chart with 83.079 million shares valued at N2.425 billion. Zenith Bank, Universal Insurance, UAC of Nigeria, and Guaranty Trust Holding Company also recorded significant trading activity.
Source: Leadership