The Nigerian stock market witnessed a significant uplift as leading Tier-1 banks and select advanced equities fueled an increase of N167 billion in market capitalization. Strong investor interest in major players such as Zenith Bank, FBN Holdings, Dangote Sugar, and WAPCO contributed to this positive trend.
The market capitalization on the Nigerian Exchange Limited (NGX) rose by 0.26%, closing at N59.534 trillion, compared to the opening value of N59.367 trillion. Similarly, the All-Share Index (ASI) climbed by 255.2 points, ending the session at 98,227.50, up from the previous 97,972.33.
The robust performance boosted the Year-To-Date (YTD) return to 31.37%, underscoring the sustained bullish sentiment across key sectors.
The market recorded a favorable breadth, with 39 stocks gaining against 28 losers, signaling overall positive investor sentiment.
On the gainers’ side, Austin Laz & Company and Tantalizers led the chart with a 10% rise, closing at N2.20 and 99k per share, respectively. WAPCO surged by 9.98% to N54.65, while Honeywell Flour and Eunisell saw gains of 9.95% and 9.94%, closing at N4.53 and N15.93, respectively.
However, some equities experienced declines, with Northern Nigeria Flour Mill (NNFM) and RT Briscoe losing 10% each, closing at N33.75 and N2.61 per share, respectively. Multiverse fell by 9.43% to N7.20, while Daar Communications dropped 7.46% to 62k.
Trading activities surged compared to the previous session, with a 31.58% increase in transaction value. A total of 370.52 million shares valued at N8.45 billion were exchanged in 10,026 deals, compared to 333.95 million shares worth N6.42 billion traded in 9,187 deals previously. Access Corporation led the volume chart with 22.99 million shares, while Seplat topped the value chart with transactions worth N1.37 billion.
This positive market trajectory highlights growing investor confidence amid ongoing economic adjustments and favorable corporate performances. Analysts project further gains as market fundamentals continue to strengthen, though caution remains essential due to potential volatility in select stocks.
