The Nigerian stock market continued its upward trajectory on Thursday, adding N953 billion to market capitalisation as investor confidence remained strong. Market capitalisation rose by 0.93 percent, from N102.822 trillion to N103.775 trillion, while the All‑Share Index advanced the same percentage, gaining 1,491.52 points to close at 162,298.08, up from 160,806.56 the day before.
Price increases were recorded in 46 stocks, driving the positive sentiment. Leading gainers included Industrial and Medical Gases, SCOA Nigeria, and McNicholas, each climbing 10 percent to close at N35.20, N9.35, and N5.50 respectively. May and Baker rose 9.92 percent to N28.80, and FTN Cocoa Processors gained 9.90 percent to N6.66 per share. Overall market breadth was favorable, with 48 stocks gaining against 28 losers, indicating broad‑based buying interest across key sectors.
Among the losers, Aluminium Extrusion Industries fell the most, dropping 9.91 percent to N19.10. It was followed by Austinlaz, down 9.83 percent to N4.13; Sovereign Trust Insurance, down 9.63 percent to N3.38; Prestige Assurance, down 9.57 percent to N1.70; and UPDC, down 9.09 percent to N5 per share.
Trading activity comprised 624.1 million shares valued at N18.5 billion, executed in 43,816 deals, compared with 645.1 million shares worth N16.4 billion in the previous session. An analyst attributed the rally to “renewed bargain hunting and sustained optimism over corporate earnings prospects.” The substantial rise in market capitalisation and the All‑Share Index underscores a positive outlook for the Nigerian stock market, driven by investor confidence and optimism about future corporate earnings.
Comments are closed for this story.