Stock Market extends Bull Run, Investors Gain N235bn

By Taiye Olayemi

The Nigerian equities market extended its winning streak on Friday, with investors gaining N235 billion as sustained demand for blue-chip stocks kept bullish momentum firmly intact.

The positive performance marked the third consecutive day of gains this week, reinforcing growing investor confidence in the stock market.

At the close of trading, the Nigerian Exchange Limited (NGX) market capitalisation appreciated by 0.15 per cent to N158.513 trillion, up from N158.278 trillion recorded in the previous session.

Similarly, the All-Share Index (ASI) advanced by 364.26 points, or 0.15 per cent, to close at 245,573.60, compared with 245,209.34 posted on Thursday, lifting the market’s year-to-date return to 57.81 per cent.

Despite the market’s overall positive performance, trading sentiment was mixed as market breadth closed in the negative, with 24 stocks declining against 22 gainers.

Red Star Express topped the losers’ chart after shedding 10 per cent to close at N18.00 per share. It was followed by CAP Plc, which declined by 9.98 per cent to N115.45, while John Holt fell 9.82 per cent to N10.10.

Others on the losers’ table included ABC Transport, which dropped 9.57 per cent to N5.20, and Legend Internet, which lost 8.70 per cent to settle at N4.20 per share.

On the gainers’ chart, UPDC Plc led with a 9.23 per cent increase to N3.55 per share. Computer Warehouse Group (CWG) rose 6.56 per cent to N19.50, while AXA Mansard Insurance appreciated by 4.80 per cent to N13.10.

Neimeth International Pharmaceuticals gained 4.24 per cent to close at N8.60, while Cutix Plc added 4.00 per cent to finish at N2.60 per share.

Trading activity strengthened significantly during the session, with investors exchanging 1.52 billion shares valued at N26.65 billion in 42,580 deals, representing a 185.55 per cent surge in volume compared with the previous trading day.

Fortis Global Insurance emerged as the most actively traded stock by volume, accounting for 824.46 million shares, or 54.29 per cent of the total shares traded.

By value, Access Corporation dominated market activity with transactions worth N4.67 billion, representing 17.52 per cent of the day’s total turnover. (NAN)