The Nigerian stock market ended the week on a high note, with a significant gain of N1.157 trillion on Thursday. This bullish trend was driven by strong buying interest in various stocks, resulting in a substantial increase in market capitalization. The market capitalization rose by 1.63 percent to close at N72.275 trillion, up from N71.118 trillion recorded on Wednesday.
The All-Share Index (ASI) also experienced a significant increase, rising by 1,835.02 points or 1.63 percent to settle at 114,616.75. This uptrend was largely fueled by the performance of medium and large-cap stocks, including Champion Breweries, NGX Group, MTN Nigeria, Oando, and 37 other equities. The market breadth closed positive, with 41 gainers and 22 losers.
Some of the top gainers included Champion Breweries, which grew by 10 percent to close at N7.70, and the Nigerian Exchange Group, which increased by 10 percent to settle at N39.60 per share. MTN Nigeria rose by 9.99 percent to end the session at N319.20, while Oando soared by 9.96 percent to close at N56.85 per share. Morison Industries also climbed by 9.90 percent to finish at N3.22 per share.
On the other hand, some stocks experienced significant declines. Northern Nigeria Flour Mills dropped by 9.97 percent to close at N125.05, while ABC Transport lost 9.77 percent to finish at N2.40 per share. Legend Internet fell by 9.49 percent to settle at N5.34, and Livestock Feeds shed 7.82 percent to end the session at N8.25 per share. Omatek Ventures declined by 7.59 percent to close at 73k per share.
In terms of trading activity, a total of 1.46 million shares worth N33.47 billion were exchanged across 16,410 transactions. This is a significant increase compared to the previous day’s activity, which saw 611.53 million shares worth N16.68 billion traded across 13,682 transactions. The shares of Fidelity Bank topped the activity chart, with 829.72 million shares worth N15.97 billion traded. Legend Internet followed, with 180.30 million shares valued at N1.02 billion, while Zenith Bank sold 62.82 million shares worth N3.13 billion.
The strong buying interest in the Nigerian stock market is a positive sign, indicating a growing confidence in the economy. As the market continues to trend upward, investors are likely to remain optimistic about the potential for further gains. With the market capitalization now standing at N72.275 trillion, the Nigerian stock market is poised for continued growth and development.
