The Nigerian equities market recorded a significant surge as the All-Share Index (ASI) climbed above the 128,000-point mark, closing at 128,967.08 points. This marks a 1.20% increase (2,277.54 points) from the previous trading day’s close of 126,689.54. Market capitalisation followed suit, growing by N1.441 trillion to reach a total of N81.585 trillion. The market’s rally was largely fueled by gains in heavyweight banking and telecom stocks.
Strong buying pressure in key companies, including Nestle Nigeria, Okomu Oil, Stanbic IBTC Holdings, GTCO, and MTN Nigeria, played a pivotal role in boosting investor confidence. Analysts at Afrinvest Limited indicated that the bullish trend is likely to continue, citing strategic investor positioning and sustained market optimism. This reflects growing investor interest in both blue-chip and mid-cap stocks.
Despite the gains, the market breadth was slightly negative, indicating a mixed trading sentiment. There were 41 gainers compared to 44 decliners. Top performers included Eunisell Interlinked, Nestle Nigeria, and Omatek Ventures, each posting a 10% rise. Other notable risers included Triple Gee and First HoldCo. However, losses were recorded in stocks like FTN Cocoa Processors, NPF Microfinance Bank, and Champion Breweries, each shedding close to 10%.
Trading activity witnessed a dramatic jump of over 807%, with over 11.67 billion shares traded, amounting to N363.41 billion across 36,635 deals. First HoldCo dominated trading, accounting for the bulk of the volume and value with 10.47 billion shares worth over N324 billion. UBA and Access Holdings also featured prominently in terms of traded volume and value.
Other active stocks included Universal Insurance and Zenith Bank, reflecting continued investor interest in the financial sector. While the market shows strong momentum, the uneven breadth suggests that investors are selectively rotating capital. Market watchers will be observing if the bullish trend sustains in coming sessions amid fluctuating economic indicators.
Source: Leadership