The Nigerian equities market continued its upward momentum yesterday, recording a significant N283 billion gain, underpinned by strong buy-side support from investors. The All-Share Index (ASI) rose by 441.27 points, or 0.25%, closing at 178,625.63 points, while market capitalization reached N114.660 trillion. Analysts attributed the growth to sustained interest in large and mid-cap stocks.
Key stocks contributing to the market’s positive performance included Seplat Energy, Presco, Beta Glass, CAP, and MTN Nigeria Communications (MTNN), all showing notable price appreciation. Market breadth remained healthy, with 45 advancing stocks surpassing 35 declining counters, signaling broad-based investor confidence. DEAP Capital Management & Trust, R.T. Briscoe Nigeria, and Seplat Energy led gainers, each climbing 10%, while Zichis Agro Allied Industries and Daar Communications added nearly 10% each.
Despite the gains, some stocks experienced declines, reflecting selective profit-taking. Nigerian Aviation Handling Company (NAHCO) led the losers with a 9.98% drop, followed by Abbey Mortgage Bank, Eterna, May & Baker Nigeria, and Ecobank Transnational Incorporated (ETI), which all recorded double-digit or near double-digit percentage decreases. Market watchers noted these movements as part of normal market adjustments at the end of the trading week.
Trading volume saw a 25.64% decrease, with 698.342 million shares valued at N28.438 billion exchanged across 50,886 deals. Access Holdings led the activity chart with 52.051 million shares traded, followed by Zenith Bank, Tantalizers, Guaranty Trust Holding Company, and DEAP Capital Management & Trust, highlighting investor focus on blue-chip and high-liquidity stocks.
Looking ahead, market experts from Imperial Asset Managers Limited remain cautiously optimistic. “The outlook for the next trading session is balanced,” they said, noting that while investor enthusiasm persists, profit-taking may slightly outweigh buying interest. As the market approaches the week’s close, analysts anticipate a careful navigation of gains amid continued demand for top-performing equities.
source: Leadership