Nigeria’s stock market extended its bullish run on Thursday, September 24, as equities attracted strong buying interest and pushed total market capitalisation up by N622.51 billion in a single trading session. The market value climbed from N163.06 trillion to N163.68 trillion, while the NGX All-Share Index (ASI) gained 958.99 points, representing a 0.38% increase, to close at 252,150.01 points. The latest advance further strengthens the recent momentum in the Nigerian equities market.

Trading activity remained significant despite a decline in overall volume compared with the previous session. Investors exchanged 978.21 million shares in 48,459 deals, while market breadth closed positive with 28 gainers against 24 decliners. Fidelity Bank emerged as the most actively traded stock by volume, with 335.20 million shares changing hands across 844 deals, while its share price rose 3.73% to N20.85. VFD Group, Transcorp, Access Holdings, Chams Holding Company, UBA and Zenith Bank were also among the equities that recorded substantial trading activity.

The session also produced notable movements among individual stocks. Critical Minerals Financing Corporation led the gainers, rising 10% to N2.97, followed by R.T. Briscoe, which gained 9.55% to N9.75. Caverton Offshore Support Group and NAHCO advanced 8.75% and 8.57%, respectively, while Linkage Assurance gained 7.36%. On the other side, Neimeth International Pharmaceuticals recorded the biggest decline, falling 7.23% to N7.70, while Ellah Lakes, Mutual Benefits Assurance, Lasaco Assurance and Wema Bank also closed lower.

Energy stocks provided one of the strongest boosts to the market during the session. The NGX Oil & Gas Index jumped 3.95%, driven in part by Seplat Energy, whose shares climbed 7.33% to N16,000. NGX data confirms that Seplat closed at N16,000, its reported 52-week high, with 837,884 shares traded. Fidelity Bank also remained a major market activity driver, with NGX data showing 335.20 million shares traded and a 3.73% gain to N20.85.

Thursday’s performance adds to a strong run for Nigeria’s equities market, with market capitalisation continuing to set new highs. The latest N163.68 trillion valuation comes just a day after the market crossed the N163 trillion mark and roughly a week after it first moved above N162 trillion. The continued gains also come shortly after Nigeria’s transition to FTSE Russell Frontier Market status took effect on September 21, a development NGX said could increase the market’s visibility among global investors.

source: nairametrics