Investor optimism, particularly in GTCO and MTN Nigeria, helped lift Nigeria’s stock market yesterday, contributing to a ₦171 billion surge in market capitalisation.
The gains reinforced the ongoing bullish momentum on the Nigerian Exchange.
The NGX All-Share Index (NGX ASI) closed at 142,979.46 basis points, up 268.98 basis points or 0.19 percent on the day. This brings the year-to-date return to approximately 38.9 percent, with the month-to-date return also in the green.
Sectoral & Stock Performance
Positive movement was broad-based:
- Insurance, Consumer Goods, and Banking indices each rose by 0.4% (Insurance & Consumer Goods) and 0.2% (Banking).
- Oil & Gas gained 0.1%, while the Industrial Goods index remained flat.
Standout gainers of the session included:
- PZ Cussons Nigeria: +10.0% to ₦37.95 per share
- Eterna PLC: +9.94% to ₦37.05
- Champion Breweries: +9.82% to ₦15.10
Meanwhile, the biggest losers were:
- R.T. Briscoe (Nigeria): –9.89% to ₦3.37
- Thomas Wyatt Nigeria: –9.82% to ₦3.58
- Sovereign Trust Insurance: –9.33% to ₦2.72
Market Activity & Outlook
Trading activity exploded: volume traded surged 402.5 percent to 6.233 billion units, valued at ₦54.452 billion, over 32,682 deals.
Nigeria’s stock market top traded stocks by volume included:
- Cornerstone Insurance: 5.448 billion shares worth ₦25.063 billion
- UBA: 152.135 million shares worth ₦6.543 billion
- Wema Bank: 152.048 million shares valued at ₦2.516 billion
In light of the gains, Afrinvest Limited forecast a continuation of the bullish trend, barring any negative surprises.
(Source: ThisDayLive)
