Stocks Snap Decline As Investors Gain N1.47trn

The Nigerian stock market closed Friday’s session on a bullish note, snapping its decline as renewed buying interest in bellwether stocks lifted the market up by N1.47 trillion.

The NGX All-Share Index rose by 0.92 percent to close at 247,222.27 points. Consequently, market capitalisation gained N1.47 trillion to close at N160.52 trillion, strengthening its year-to-date return to 58.87 percent.

Despite the positive close, market sentiment remained bearish, with 25 decliners outnumbering 23 advancers. Dangote Cement and First Holdco led the gainers chart by 10.00 per cent each to close at N1,111.00 and N144.10 respectively, while Guinea Insurance followed with a gain of 9.41 percent to close at 93 kobo, per share.

Fidelity Bank advanced by 9.09 percent to close at N24.00, while FTN Cocoa Processors rose by 5.60 per cent to close at N7.92, per share.

Conversely, Livestock Feeds led the losers with a 9.79 percent decline, closing at N17.05 per share. Tripple Gee & Company followed with a loss of 8.74 percent to close at N2.82, while HBM Nigeria depreciated by 7.65 percent to N350.00, per share.

Neimeth International Pharmaceuticals shed 6.58 per cent to close at N7.10, while University Press declined by 6.45 per cent to close at N4.35, per share.

Trading activity strengthened significantly, as volume, turnover, and deal count advanced by 69.56 percent, 13.88 percent, and 6.96 percent to 611.68 million shares, N23.14 billion, and 33,585 deals, respectively.

On market outlook, Cowry Assets Management Limited said, “sustained buying interest in heavyweight counters could support further market gains, although negative market breadth and lingering profit-taking pressures may temper near-term upside momentum.”