Investors Gain N906bn As Nigerian Equities Sustain Uptrend

Nigerian equities opened the new trading week on a bullish note, as sustained buying pressure pushed the market higher, delivering a N906 billion gain in market capitalisation.

The All-Share Index (ASI) rose by 1,412.65 points, representing a 0.57 per cent increase, to close at 251,125.02 points. In the same vein, market capitalisation climbed to N160.983 trillion, reflecting renewed investor appetite for medium and large-cap stocks.

The uptrend was largely driven by price appreciation in counters such as Airtel Africa, Oando, Union Dicon Salt, Red Star Express, and Computer Warehouse Group (CWG), among others.

Market performance indicators showed continued positive momentum, with month-to-date and year-to-date returns strengthening to 3.7 per cent and 61.4 per cent respectively.

Market breadth closed positive, as 35 stocks advanced against 30 decliners, underscoring broad-based buying interest.

Airtel Africa led the gainers’ chart with a 10 per cent rise to close at N3,655.70 per share. International Energy Insurance followed with a 9.68 per cent gain, while Sovereign Trust Insurance advanced by 9.65 per cent.

Caverton Offshore Support Group and VFD Group also recorded strong gains, appreciating by 9.63 per cent and 9.55 per cent respectively.

On the losers’ side, McNichols led with a 10 per cent decline, followed by The Initiates Plc (TIP), Learn Africa, Zichis Agro Allied Industries, and May & Baker Nigeria.

Trading activity, however, declined as total volume fell by 30.2 per cent to 497.09 million units, valued at N31.62 billion, executed in 74,129 deals.

Access Holdings dominated trading volume with 61.291 million shares worth N1.525 billion. It was followed by Zenith Bank with 37.932 million shares valued at N4.989 billion, and Fidelity Bank with 35.796 million shares worth N851.162 million.

Japaul Gold & Ventures and Tantalizers also featured prominently among the most active stocks.

Analysts at Cowry Assets Management Limited said the market is expected to maintain its bullish tone in the near term, supported by renewed investor confidence and ongoing portfolio repositioning.