Stock market gains N369bn despite drop in trading activity

The Nigerian equities market recorded a bullish close on Thursday, adding ₦369 billion to investors’ wealth even as trading activity declined across key indicators.

The market saw a total turnover of 652.86 million shares worth ₦39.82 billion traded in 51,101 deals, compared to 1.01 billion shares valued at ₦40.57 billion exchanged in 52,723 deals in the previous session, reflecting a notable slowdown in activity.

Despite the drop in volume and value, market sentiment remained positive, driven by sustained demand for stocks such as Trans-Nationwide Express, International Energy Insurance, UPDC, Guinea Insurance, and Regency Alliance Insurance.

As a result, market capitalisation rose by 0.28 per cent, increasing from ₦130.404 trillion to ₦130.773 trillion at the close of trading. The All-Share Index also advanced by 576.27 points to settle at 203,161.81, pushing year-to-date returns to 30.56 per cent.

However, market breadth closed negative, with 31 losers outweighing 30 gainers.

LivingTrust Mortgage Bank led the losers, shedding 10 per cent to close at ₦4.32 per share, followed by RT Briscoe, which fell 9.94 per cent to ₦8.88. Tantalizers also dropped 9.55 per cent to ₦3.98, while Livestock Feeds and VFD Group declined by 9.40 per cent and 8.85 per cent respectively.

On the gainers’ chart, Trans-Nationwide Express topped with a 9.94 per cent rise to ₦3.43.

International Energy Insurance gained 9.84 per cent, while UPDCredit advanced 9.63 per cent to ₦7.40. Guinea Insurance and Regency Alliance Insurance also posted strong gains.

Access Corporation recorded the highest trading volume with 121.70 million shares exchanged, while Guaranty Trust Holding Company led in value with ₦8.10 billion worth of trades.