The Nigerian stock market extended its bullish momentum on Thursday, gaining N389 billion in market value as investors continued to show confidence in the country’s equity market. The All-Share Index (ASI) climbed by 612.81 points, or 0.41%, to close at 148,355.04 points, while market capitalization rose to N94.165 trillion.
The rally was largely fueled by strong performances in blue-chip and medium-cap stocks such as Nestle Nigeria, Dangote Cement, Aradel Holdings, Lafarge Africa, and PZ Cussons Nigeria. Analysts say the sustained momentum highlights investors’ optimism about Nigeria’s improving macroeconomic conditions and the continued easing of inflationary pressures.
In its market outlook, Afrinvest Limited noted that it expects the market’s fifteen-day winning streak to extend, citing the ongoing trend of “sustained disinflation” as a key driver of investor sentiment and upward revaluation of equities. Overall, market sentiment remained positive, with 30 gainers outpacing 25 decliners, reflecting broad-based buying interest across key sectors.
Secure Electronic Technology led the gainers’ chart with a 7.06% increase to close at N0.91 per share, followed by Sterling Financial Holdings, which rose by 6.49% to N8.20. Other notable performers included Livestock Feeds (+5.33%), The Initiates Plc (TIP) (+5.18%), and May & Baker Nigeria (+4.99%). Conversely, SUNU Assurance topped the losers’ list with a 9.71% drop to N5.21, while Haldane McCall and DAAR Communications shed 7.53% and 6.36%, respectively.
Trading activity also witnessed a surge, as the total volume of shares traded rose by 11.13% to 432.43 million units, worth N16.91 billion, across 23,665 deals. Consolidated Hallmark Holdings led the activity chart with 40.95 million shares traded, followed closely by Access Holdings, GTCO, Zenith Bank, and Tantalizers. Market watchers say the sustained bullish trend signals renewed investor confidence and could pave the way for stronger year-end performance in the Nigerian equities market.
source: Leadership