The Nigerian equities market continued its upward momentum yesterday, with market capitalisation climbing by N97 billion. The All Share Index (ASI) rose by 152.28 points, representing a 0.10 per cent gain, closing at 145,476.15 points. Investors were buoyed by optimism in medium and large-cap stocks, signaling renewed confidence in the market.
Key performers driving the rally included UACN, Lafarge Africa, Ecobank Transnational Incorporated (ETI), Nigerian Breweries, and Guaranty Trust Holding Company (GTCO). Among them, UACN recorded the highest price gain of 10 per cent, closing at N88 per share, while Morison rose by 9.94 per cent to N3.54. ETI shares appreciated by 8.53 per cent, finishing at N36.90 per share.
Insurance stocks also contributed to the uptrend, with Wapic Insurance gaining 8.47 per cent to close at N2.56 and AXA Mansard Insurance up 7.75 per cent to N13.90 per share. Despite the gains, market sentiment was slightly bearish as 28 stocks declined compared to 23 gainers. Ellah Lakes and Eunisell Interlinked led the losers’ chart, each dropping 10 per cent, while Transcorp Hotel fell by 9.95 per cent.
Trading volumes slowed, with a 14.15 per cent decline to 1.932 billion units, valued at N19.193 billion across 23,369 deals. eTranzact International dominated activity with 1.584 billion shares traded worth N6.371 billion. Fidelity Bank followed with 31.013 million shares valued at N589.299 million, while GTCO traded 28.285 million shares worth N2.489 billion.
Investors remain cautiously optimistic as the market demonstrates resilience despite uneven sentiment across sectors. Analysts suggest that continued support from major capitalised stocks could sustain the bullish trend in the near term, with market watchers keeping a close eye on both financial and consumer-driven sectors.
source: leadership