The Nigerian stock market maintained its upward trend on Thursday, with a significant gain of N953 billion in market capitalisation, driven by strong investor confidence. The market’s positive sentiment was fueled by price increases in 46 stocks, including Industrial and Medical Gases, McNicholas, SCOA Nigeria, May and Baker, and FTN Cocoa Processors.
The market capitalisation rose by 0.93 per cent, from N102.822 trillion to N103.775 trillion, resulting in a substantial addition of N953 billion to investors’ portfolios. The All-Share Index also increased by 0.93 per cent, advancing 1,491.52 points to close at 162,298.08, up from 160,806.56 on Wednesday.
The market breadth was positive, with 48 gainers outpacing 28 losers, indicating broad-based buying interest across key sectors. Industrial and Medical Gases, SCOA Nigeria, and McNicholas led the gainers, each rising 10 per cent to close at N35.20, N9.35, and N5.50, respectively. May and Baker gained 9.92 per cent to settle at N28.80, while FTN Cocoa Processors rose 9.90 per cent to close at N6.66 per share.
On the other hand, Aluminium Extrusion Industries topped the losers, declining by 9.91 per cent to N19.10, followed by Austinlaz, which fell 9.83 per cent to N4.13. Sovereign Trust Insurance dropped by 9.63 per cent to N3.38, while Prestige Assurance shed 9.57 per cent to finish at N1.70 per share. UPDC also declined, losing 9.09 per cent to close at N5 per share.
A total of 624.1 million shares valued at N18.5 billion were traded in 43,816 deals, compared to 645.1 million shares worth N16.4 billion in the previous session. According to an analyst, the market’s rally reflects “renewed bargain hunting and sustained optimism over corporate earnings prospects.” The significant increase in market capitalisation and the All-Share Index suggests a positive outlook for the Nigerian stock market, driven by investor confidence and optimism about future corporate earnings.
