Bullish Momentum Persists As Stock Market Gains N961bn

The Nigerian equities market extended its bullish run on Thursday as sustained buying interest pushed the benchmark index higher by 0.62 per cent, adding N961 billion to investors’ wealth.

At the close of trading, the Nigerian Exchange (NGX) All-Share Index (ASI) advanced by 1,498.75 points to settle at 243,958.73 points, while market capitalisation rose by N961 billion to N156.547 trillion.

The positive performance was driven by renewed demand for medium and large-cap stocks, particularly MTN Nigeria Communications, Nigerian Aviation Handling Company (NAHCO), First Holdco, Zenith Bank and Nigerian Breweries.

Commenting on the market performance, Imperial Asset Managers Limited said the market’s sixth consecutive gain reflected improving investor confidence and growing appetite for equities.

The firm noted that while Thursday’s rally was largely supported by exceptional trading activity in First Holdco, the positive market breadth and continued strength in banking stocks indicate sustained optimism ahead of the earnings reporting season.

It stated: “Investor sentiment is expected to remain driven by positioning ahead of upcoming corporate earnings releases, developments in the foreign exchange market and macroeconomic policy signals.

“While bargain hunting has begun to emerge in selected fundamentally sound counters, investors are likely to remain selective given prevailing market uncertainties. We therefore maintain a disciplined investment approach, favouring fundamentally strong companies with resilient earnings prospects and sustainable dividend potential.”

Market breadth remained positive, with 29 gainers against 26 losers.

International Breweries led the gainers’ chart after appreciating by 10 per cent to close at N12.10 per share. First Holdco followed with a 9.96 per cent gain to N69.55, while Abbey Bank rose by 9.88 per cent to N8.90 per share.

Trans-Nationwide Express appreciated by 9.76 per cent to close at N3.26, while Honeywell Flour Mills gained 9.68 per cent to settle at N17.00 per share.

On the losers’ chart, Thomas Wyatt Nigeria and Geregu Power recorded the steepest decline, shedding 10 per cent each to close at N2.70 and N825.70 per share, respectively. McNichols fell by 9.76 per cent to N5.55, while UPDC declined by 9.20 per cent to N3.95. Neimeth International Pharmaceuticals also lost 8.16 per cent, closing at N9.00 per share.

Trading activity strengthened significantly, as total volume traded surged by 219.45 per cent to 1.656 billion shares, valued at N111.977 billion, in 44,780 deals.

First Holdco dominated the activity chart with 1.258 billion shares worth N85.612 billion. Zenith Bank followed with 43.829 million shares valued at N4.649 billion, while Access Holdings traded 40.992 million shares worth N1.020 billion.

FCMB Group accounted for 17.716 million shares valued at N188.297 million, while Fidelity Bank recorded transactions of 16.019 million shares worth N315.164 million.