Nigerian Stock Market Gains N805bn as Market Capitalisation Hits N125.97 Trillion
The Nigerian stock market kicked off the week with a strong performance, extending its winning streak to four consecutive trading sessions. Investors saw a combined gain of N805 billion as the All Share Index (ASI) rose by 1,273.79 points, or 0.65%, closing at 196,263.56 points. Market capitalisation similarly increased, reaching N125.97 trillion, highlighting renewed investor confidence.
This positive momentum was fueled by gains in medium and large-cap stocks. Leading the charge were Okomu Oil, Julius Berger Nigeria, Skyway Aviation Handling Company, BUA Cement, and Fidson Healthcare, whose performance provided a solid foundation for the market’s growth. Analysts noted that these blue-chip stocks continue to attract attention from both local and institutional investors.
However, market watchers have advised caution. Imperial Asset Managers Limited highlighted that while the benchmark index rose, the market breadth remained largely flat, indicating many investors are taking a “wait-and-see” approach at elevated index levels. Heavy-weight banking and insurance stocks are still the primary drivers of market movement, suggesting that careful selection of fundamentally strong, dividend-paying stocks is key for sustained gains.
Market activity was mixed, with 34 declining stocks slightly outnumbering 33 advancing ones. Top gainers included Okomu Oil and Fortis Global Insurance, each rising 10%, while Fidson Healthcare climbed 9.9%. Conversely, The Initiates Plc (TIP) led the losers’ chart with a 10% decline, followed by DEAP Capital Management & Trust and Multiverse Mining & Exploration, reflecting a market that is optimistic but selective.
Trading volume surged, with 1.289 billion units exchanged, marking a 57% increase, valued at N31.5 billion across 95,091 deals. Japaul Gold & Venture dominated the activity chart with nearly 474 million shares traded, followed by Chams Holding Company and Jaiz Bank. The high transaction numbers underline strong market participation, even as investors remain cautious and strategic in their approach.
source: Leadership