The Nigerian stock market commenced the new year on a positive note, with investors recording a gain of N561 billion on Friday. This bullish trend was driven by strong performances from 52 stocks, including FTN Cocoa Processors, ABC Transport, Mutual Benefits Assurance, and Deap Capital Management. The market capitalization increased by 0.57 percent to N99.937 trillion, up from N99.376 trillion at the start of the trading session.
The All-Share Index also appreciated by 0.57 percent, gaining 879.33 points to close at 156,492.36, compared to 155,613.03 in the previous session on Wednesday. The Nigerian stock market was closed on Thursday due to a public holiday declared by the Federal Government to mark the New Year.
Market activity was characterized by a positive breadth, with 53 stocks advancing and 10 declining. FTN Cocoa Processors, ABC Transport, Mutual Benefits Assurance, and Deap Capital Management were among the top gainers, each rising by 10 percent. Aluminium Extrusion Industries also recorded significant gains, advancing by 9.93 percent to close at N23.80 per share.
On the other hand, Abbey Mortgage Bank led the decliners, with a 6.25 percent decline, followed by First City Monument Bank, which fell by 4.56 percent. Seplat Energy and Guinea Insurance also declined, by 3.43 percent and 2.26 percent, respectively.
In terms of market activity, the number of deals increased, but trading volume and value declined compared to the previous session. A total of 439.9 million shares valued at N24.9 billion were traded in 40,245 transactions. Chams led the activity chart by volume, trading 120.3 million shares valued at N455.09 million.
The positive start to the year is a welcome development for investors, who will be closely watching the market’s performance in the coming weeks. The Nigerian stock market is one of the largest in Africa, providing a platform for companies to raise capital and for investors to buy and sell securities. As the market continues to evolve, it is likely to play an increasingly important role in the country’s economic development.
