Stock Market Caps Strong Week With N2.27tn Gain

The Nigerian equities market closed the week on a strong note with a gain of N2.265 trillion, as sustained buying interest lifted investor sentiment across the bourse.

The NGX All-Share Index gained 1.42 per cent to close at 249,804.56 points, pushing the year-to-date return to 60.53 per cent. Similarly, the market capitalization rose by N2.265 trillion to close at N162.157 trillion.

The advance reflects continued buying interest, with the benchmark index moving closer to the 250,000 level.

Investor sentiment was positive, as 35 gainers outpaced 22 losers. C&I Leasing and Fortis Global Insurance recorded the highest price gain of 10 per cent each to close at N5.50 and N1.65 respectively, per share.

MTN Nigeria Communications (MTNN) appreciated by 9.20 per cent to close at N890.00, while Secure Electronic Technology and Mutual Benefits Assurance rose by 9.09 per cent each to close at 72 kobo and N3.60 respectively, per share.

On the other hand, Transcorp Power led the losers’ chart by 9.96 per cent to close at N178.00, per share. Cadbury Nigeria followed with a decline of 9.32 per cent to close at N53.00, while Omatek Venture lost 8.40 per cent to close at N1.20, per share.

Sovereign Trust Insurance down by 6.78 per cent to close at N2.20, while Ellah Lakes declined by 5.11 per cent to close at N8.35, per share.

Meanwhile, total traded volume declined by 50.5 per cent to 526.01 million units valued at N96.91 billion and exchange in 44,293 deals.

Looking ahead, Cowry Assets Management Limited said, “the market is expected to sustain its bullish trend as investor sentiment tilts increasingly positive, though residual profit-taking activity could temper the pace of any recovery.”