Stock Market Sustains Uptrend, Gains N1.639trn

The Nigerian equities market extended its gains for a second consecutive session as renewed buying interest continued to drive gains across the bourse.

The All-Share Index (ASI) gained 2,524.00 points, representing a growth of 1.06 per cent to close at 240,743.19 points. Also, market capitalisation rose by N1.639 trillion, closing at N154.484 trillion.

The upturn was driven by gains in medium- and large-capitalised stocks, including Airtel Africa, Guaranty Trust Holding Company (GTCO), Transnational Corporation of Nigeria, Lafarge Africa, and Zichis Agro Allied Industries.

On market performance, APT Securities & Funds Limited said the session was characterised by sustained bullish sentiment and improved liquidity, as investors extended their bargain-hunting activities, supporting the market’s recovery.

Market breadth was positive, with 33 advancing stocks surpassing 23 declining counters. Guinea Insurance and Airtel Africa followed with a gain of 10 per cent each to close at N1.10 and N4,358.80 respectively, while International Energy Insurance followed with a gain of 9.89 per cent to close at N6.11 per share.

Tripple Gee & Company rose by 9.82 per cent to close at N3.69, while Cornerstone Insurance rose by 9.76 per cent to close at N6.75 per share.

On the other hand, Red Star Express led the losers’ chart by 9.96 per cent to close at N24.85 per share. Premier Paints followed with a decline of 9.93 per cent to close at N30.40, while Trans-Nationwide Express declined by 9.82 per cent to close at N4.04 per share.

Royal Exchange depreciated by 9.38 per cent to close at N1.45, while Abbey Mortgage Bank declined by 9.29 per cent to close at N8.30 per share.

Also, the total volume traded surged by 15.74 per cent to 564.909 billion units, valued at N39.345 billion, and exchanged in 49,230 deals. Transactions in Fidelity Bank shares topped the activity chart, with 59.372 million shares valued at N1.077 billion. Zenith Bank followed with 49.531 million shares worth N5.860 billion, while Dangote Sugar Refinery traded 43.118 million shares valued at N3.125 billion.

Chams Holding Company traded 39.510 million shares valued at N156.463 million, while Access Holdings sold 30.707 million shares worth N703.625 million.