The Nigerian equities market closed yesterday on a positive note, driven largely by gains in banking stocks, pushing the market higher by N1.441 trillion.
The All-Share Index (ASI) rose by 2,277.54 points, or 1.20 per cent , closing at 128,967.08 points.
Recall that the ASI closed at 126,689.54 points on the previous trading day. Market capitalisation also increased by N1.441 trillion, settling at N81.585 trillion.
Strong buying interest in major stocks such as Nestle Nigeria, Okomu Oil, Stanbic IBTC Holdings, Guaranty Trust Holding Company (GTCO), and MTN Nigeria Communications (MTNN) fueled the market’s robust performance.
Looking ahead, Afrinvest Limited noted that “the bourse is expected to maintain its positive momentum as investors continue strategic positioning.”
Despite the overall optimism, market breadth was slightly negative with 41 gainers compared to 44 decliners. Notable top gainers included Eunisell Interlinked, Nestle Nigeria, Omatek Ventures, and Secure Electronic Technology, all rising by 10 per cent to close at N14.85, N1,650.00, N1.76, and N1.21 per share, respectively. Triple Gee and Company and First HoldCo posted gains of 9.92 per cent and 9.90 per cent to close at N4.32 and N32.20 per share, respectively.
On the downside, FTN Cocoa Processors and NPF Microfinance Bank led losses with 10% declines, closing at N7.02 and N2.43 per share. C&I Leasing, Champion Breweries, and Academy Press also fell sharply by nearly 10%, ending at N7.13, N12.29, and N8.33 per share respectively.
Trading activity surged by 807.03 per cent, with total volume reaching 11.671 billion units valued at N363.412 billion across 36,635 deals. First HoldCo led activity with 10.467 billion shares traded worth N324.473 billion, followed by United Bank for Africa (UBA) with 157.54 million shares valued at N7.623 billion, and Access Holdings with 124.64 million shares worth N3.265 billion.
Other actively traded stocks included Universal Insurance with 124.08 million shares valued at N89.99 million and Zenith Bank with 66.28 million shares worth N5.085 billion.
