NGX Rally Continues as Investors Gain N138bn, Market Cap Climbs to N102.8trn

|By Babatunji Wusu

The Nigerian stock market sustained its bullish momentum on Thursday, adding N138 billion in fresh gains as investors extended buying across select equities.

Data from Nigerian Exchange Limited showed that total market capitalisation rose by 0.13 per cent to close at N102.822 trillion, reinforcing positive sentiment on the bourse.

The session marked the 19th straight day of gains on the Exchange, reflecting sustained demand for stocks and growing investor confidence. Price appreciation in Neimeth International Pharmaceutical, May & Baker, Etranzact International, Multiverse Mining, Mecure and 27 other equities drove the market higher.

The All-Share Index advanced by 214.80 points, or 0.13 per cent, to settle at 160,806.56, up from 160,591.76 recorded in the previous session.

Despite the overall uptick, market breadth closed negative, as decliners outnumbered gainers. A total of 41 stocks closed lower against 32 advancers.

International Energy Insurance topped the losers’ chart after shedding 9.90 per cent to close at N2.73 per share. ABC Transport, Austinlaz, Conoil and Veritas Kapital Assurance also posted notable losses.

Trading activity slowed during the session, with investors exchanging 645.06 million shares valued at N16.4 billion in 44,410 deals. This was lower than the 1.44 billion shares worth N20.7 billion traded in 49,286 transactions in the preceding session.

Chams led the activity chart by volume, with 60.5 million shares worth N236.8 million changing hands. Linkage Assurance followed with 54.1 million shares valued at N97.6 million.

Access Corporation traded 35.5 million shares valued at N815.4 million, while Champion Breweries recorded 31.3 million shares worth N519.1 million.

Zenith Bank emerged as the most traded stock by value, recording transactions worth N1.51 billion, representing 9.15 per cent of total market turnover.

Meanwhile, Bola Ahmed Tinubu on Thursday commended the Nigerian Exchange for crossing the N100 trillion market capitalisation milestone, describing the achievement as a positive signal for the country’s economy.