The Nigerian stock market experienced a notable surge in activity and value during its shortened trading week, which was punctuated by public holidays for Eid Kabir and Democracy Day. With only three days of trading, the market managed to close on a positive note, driven by significant gains in medium and large-cap stocks.
Market capitalization increased by a substantial ₦486 billion, representing a 0.67 percent rise to close at ₦72.788 trillion. This upward trend was mirrored in the All-Share Index (ASI), which gained 770.43 points or 0.67 percent, ending the week at 115,429.54. The previous week’s closing figure was 114,659.11, indicating a marked improvement.
The growth was largely fueled by investor interest in stocks such as May & Baker, Infinity Trust, Stanbic IBTC, MRS, and several others. The market breadth was positive, with 50 stocks recording gains compared to 22 that experienced losses. May & Baker led the pack, with its share price rising by 10 percent to close at ₦15.40. Infinity Trust Mortgage Bank followed closely, also gaining 10 percent to end at ₦7.70 per share. Other notable gainers included Livingtrust Mortgage Bank, which increased by 10 percent to ₦5.72 per share, and Stanbic IBTC, which climbed 9.98 percent to ₦79.35 per share.
On the other hand, Northern Nigeria Flour Mills was the biggest loser, dropping 10 percent to close at ₦112.55 per share. Conoil fell by 9.99 percent to ₦241.50 per share, while Nigerian Enamelware and University Press declined by 9.98 percent and 9.84 percent, respectively. John Holt also experienced a significant drop, falling by 9.49 percent to end at ₦6.20 per share.
In terms of trading volume, a total of 933.26 million shares worth ₦17.95 billion were traded across 20,500 deals. This represents a considerable increase from the previous day’s figures, where 471.15 million shares valued at ₦14.19 billion were traded in 20,538 deals. Tantalizer was the most actively traded stock, with 420.45 million shares valued at ₦946.06 million changing hands. GTCO followed with 35.44 million shares worth ₦2.52 billion, while Zenith Bank traded 34.72 million shares worth ₦1.75 billion.
The uptrend in the market is a positive indicator for investors, suggesting a renewed interest in Nigerian stocks. As the market continues to evolve, it will be interesting to see how it reacts to external factors and whether this positive momentum can be sustained. For now, the shortened trading week has ended on a high note, providing a welcome boost to market confidence.
