Market Cap Crosses N141trn Amid Stocks’ N861bn Fresh Gains

The Nigerian equities market sustained its bullish momentum on Wednesday, with investors gaining N861 billion as total market capitalisation rose above N141 trillion, driven by strong buying interest in key stocks.

At the close of trading, the market capitalisation increased to N141.384 trillion, while the All-Share Index (ASI) advanced by 1,336.39 points, representing a 0.61 per cent gain to settle at 219,586.20 points.
The positive performance was largely attributed to price appreciation in large and medium capitalised stocks, including Transcorp Hotels, NASCON Allied Industries, Vitafoam Nigeria, UACN and Chemical and Allied Products (CAP).

Market analysts said the sustained rally reflects renewed investor confidence and positioning ahead of expected full-year dividend announcements, which typically spur accumulation in fundamentally strong stocks.

Cowry Assets Management Limited projected that the bullish trend would likely persist in the next trading session, supported by continued demand from investors seeking dividend-paying equities.

Market breadth closed positive, with 31 gainers outperforming 27 decliners. CAP, Trans-Nationwide Express, UACN, Vitafoam Nigeria and Transcorp Hotels led the gainers’ chart, recording the maximum daily increase of 10 per cent each to close at N110.00, N7.92, N11.00, N143.00 and N223.30 per share, respectively.

NASCON Allied Industries followed with a 9.85 per cent gain to close at N188.50, while Sovereign Trust Insurance appreciated by 9.52 per cent to close at N2.07 per share.

On the losers’ chart, Neimeth International Pharmaceuticals recorded the highest decline of 10 per cent to close at N9.00 per share. Abbey Mortgage Bank dropped by 9.85 per cent to close at N5.95, while LivingTrust Mortgage Bank fell by 8.94 per cent to close at N3.36 per share.

Associated Bus Company and Haldane McCall also declined by 8.65 per cent and 6.23 per cent to close at N5.70 and N3.61 per share, respectively.

Meanwhile, trading activity weakened as total volume traded declined by 18.85 per cent to 683.684 million units, valued at N36.167 billion across 51,694 deals.

First Holdco emerged as the most traded stock by volume, accounting for 76.644 million shares worth N5.783 billion. United Bank for Africa (UBA) followed with 55.258 million shares valued at N2.833 billion, while Access Holdings traded 52.429 million shares worth N1.621 billion.

Guaranty Trust Holding Company (GTCO) recorded 37.386 million shares valued at N4.875 billion, while Japaul Gold & Ventures traded 30.167 million shares worth N94.354 million.

Analysts maintain that the market outlook remains positive in the near term, underpinned by liquidity inflows and sustained investor appetite for fundamentally sound stocks.