The Nigerian equities market closed on a positive note yesterday, recording a remarkable N111 billion gain, fueled by renewed investor confidence. Share price appreciation in MTN Nigeria Communications (MTNN) Plc and 32 other stocks helped lift the market, signaling optimism among traders.
The All-Share Index (ASI) rose by 174.66 points, a 0.12% increase, to settle at 143,239.23 points. Similarly, the market capitalization grew to N91.107 trillion, reflecting the overall bullish sentiment in the market. Analysts attribute the rebound to strong performances in both large and medium-capitalized stocks.
Leading the charge were MTNN, NCR Nigeria, Ikeja Hotel, Honeywell Flour Mills, and NEM Insurance, which saw notable price appreciations. Market breadth favored the bulls, with 33 advancing stocks outpacing 20 declining counters. Ikeja Hotel and Linkage Assurance topped the gainers’ chart with a 10% increase each, closing at N27.50 and N1.87 per share, respectively.
On the flip side, some counters recorded losses as the market corrected selectively. Champion Breweries led the decliners with a 9.85% drop to N12.35 per share, followed by Sterling Financial Holdings and UPDC, which fell by 8.33% and 8.23%, respectively. C&I Leasing and Guinea Insurance also posted declines, rounding off the list of underperforming stocks.
Trading activity showed a slowdown in volume, with a total of 324.551 million shares exchanged, down 56.04% from previous sessions. Fidelity Bank led the most actively traded stocks with 32.2 million shares, followed closely by UBA, GTCO, Zenith Bank, and Access Holdings. Despite lower volumes, the positive market sentiment highlighted growing confidence among Nigerian investors.
source: leadership