The Nigerian stock market continued to demonstrate a bullish trend on Friday, with investors experiencing a significant gain of N384 billion. This uptick is reflected in the market capitalisation, which rose by 0.42 per cent, from N90.751 trillion to N91.135 trillion. The All-Share Index also saw an increase, gaining 604.58 points, or 0.42 per cent, to settle at 143,584.04, up from 142,979.46 on Thursday.
The market breadth closed on a positive note, with 39 stocks recording gains compared to 25 that incurred losses. UAC of Nigeria led the gainers, with a 10 per cent increase to N73.70, while Julius Berger topped the losers’ table, declining by 9.96 per cent to N122.90.
An analysis of market activity revealed a decline in the overall volume and value of trades. On Friday, 544.7 million shares worth N19.63 billion were traded across 27,065 transactions, compared to 6.23 billion shares valued at N54.5 billion exchanged across 32,682 transactions on Thursday. United Bank for Africa dominated the activity chart, with 80.10 million shares worth N3.44 billion changing hands.
The Nigerian stock market’s positive performance on Friday is a continuation of its recent trend, with investor confidence appearing to drive the gains. Despite the decline in market activity, the overall value of trades remains significant, indicating a robust market. As the market continues to evolve, investors will be watching closely for signs of sustained growth or potential shifts in the trend.
The market’s performance is also influenced by the broader economic context, with Nigeria’s economy showing signs of resilience amidst global challenges. The stock market’s ability to attract investment and facilitate growth is crucial for the country’s economic development. As such, the recent gains are likely to be closely monitored by investors, policymakers, and other stakeholders. With the market’s trajectory being closely watched, the next trading sessions will be important in determining whether the current trend can be sustained.
