Investors Gain N5.10trn In Single-day Trading As Market Capitalisation Hits N122trn

The Nigerian equities market sustained its bullish momentum on Monday, opening the week on a strong note, as the market capitalisation rose beyond N122 trillion, with investors gaining N5.103 trillion in a historic repricing rally.

The All-Share Index (ASI) gained 7,949.36 points, representing a growth of 4.36 per cent to close at 190,262.44 points. Also, market capitalisation gained N5.103 trillion to close at N122.130 trillion.

The upturn was driven by gains in medium- and large-capitalised stocks, including Nestle Nigeria, Presco, Aradel Holdings, Dangote Cement, and MTN Nigeria Communications (MTNN).

Imperial Asset Managers Limited said that “following the massive 4.36 per cent surge, we anticipate the bullish momentum to persist in the near term, largely driven by strong appetite for heavyweights.”

Coronation Asset Management stated that “in the near term, we expect sentiment to remain cautious as investors await further full-year earnings releases and dividend declarations, while continuing to digest recently published full-year results.

“Market direction will likely be influenced by earnings surprises, dividend yields, and sector-specific developments, with selective positioning expected in fundamentally strong names.”

Market breadth was positive, with 54 advancing stocks outweighing 28 declining counters. ABC Transports, Beta Glass, Ikeja Hotels, McNichols, Oando, Jaiz Bank, Aradel Holdings and Zichis Agro Allied Industries recorded the highest price gain of 10 per cent each, closing at N8.25, N453.20, N41.80, N8.47, N44.00, N9.13, N1, 096.70 and N111.88 per share, respectively.

MTNN followed with a gain of 9.99 per cent to close at N779.70, while AXA Mansard Insurance rose by 9.97 per cent to close at N16.99 per share.

On the other hand, R.T. Briscoe led the losers’ chart by 9.99 per cent to close at N15.68 per share. DEAP Capital Management & Trust followed with a decline of 9.91 per cent to close at N7.64, while Caverton Offshore Support Group shed 9.62 per cent to close at N7.05 per share.

Guinea Insurance depreciated by 9.27 per cent to close at N1.37, while Tantalizers declined by 8.11 per cent to close at N5.10 per share.

Also, the total volume traded up by 13.46 per cent to 1.076 billion units, valued at N64.026 billion, and exchanged in 64,821 deals. Transactions in the shares of Access Holdings topped the activity chart with 86.725 million shares valued at N2.259 billion. Oando followed with 73.496 million shares worth N3.186 billion, while Zenith Bank traded 69.281 million shares valued at N5.934 billion.

Mutual Benefits Assurance traded 67.101 million shares valued at N289.113 million, while Japaul Gold & Ventures sold 49.172 million shares worth N135.594 million.