The Nigerian stock market continued its bullish trend during midweek trading, with a total gain of ₦69 billion in market capitalization. The All Share Index (ASI) rose by 105.70 points, representing a 0.08% increase, closing at 132,557.43 points. The growth was largely driven by gains in medium and large-cap stocks, including Nestle Nigeria, NAHCO, Dangote Sugar Refinery, Nigerian Enamelware, and Aradel Holdings.
Despite the positive market performance, Afrinvest Limited projected a bearish outlook for the following trading session due to prevailing weak investor sentiment. This was supported by the negative market breadth, which recorded 29 gainers against 37 losers, signaling a cautious mood among investors.
Top performers included Academy Press, which led the gainers’ chart with a 10% increase, closing at ₦7.70 per share. It was followed by The Initiates Plc (TIP), Ikeja Hotel, Nigerian Enamelware, and NAHCO, which all recorded strong price appreciations, with gains ranging between 9.65% and 9.98%.
On the flip side, Austin Laz & Company led the losers’ chart, dropping by 10% to close at ₦2.34 per share. Other major decliners included Triple Gee & Company, Omatek Ventures, Daar Communications, and Multiverse Mining & Exploration, all suffering losses between 9.09% and 9.95%, reflecting broader investor uncertainty.
Trading volume also saw a decline, dropping by 10.67% to 681.24 million units, though the value remained substantial at ₦17.017 billion across 26,931 deals. Access Holdings dominated the activity chart, with 98.6 million shares traded, followed by Ellah Lakes, Japaul Gold, Royal Exchange, and Universal Insurance, indicating continued interest in high-volume equities.
Source: Leadership