The Nigerian Stock Market continued its upward trend, with investors gaining N138 billion on Thursday. The market capitalization of the Nigerian Exchange Limited increased by 0.13 percent to N102.822 trillion. This marks the 19th consecutive day of gains, indicating sustained buying interest and growing investor confidence in the market.
The All-Share Index rose by 214.80 points, or 0.13 percent, to close at 160,806.56, driven by gains in 29 stocks, including Neimeth International Pharmaceutical, May and Baker, and Etranzact International. Despite the overall gain, the market breadth was negative, with 41 stocks declining and 32 advancing.
International Energy Insurance led the decliners, losing 9.90 percent to close at N2.73 per share. In contrast, Chams led trading by volume, with 60.5 million shares valued at N236.8 million exchanged. Other actively traded stocks included Linkage Assurance, Access Corporation, Champion Breweries, and Zenith Bank, which recorded the highest value traded at N1.51 billion.
Market activity declined, with 645.06 million shares valued at N16.4 billion traded in 44,410 transactions, compared to 1.44 billion shares worth N20.7 billion exchanged in 49,286 deals on Wednesday. The Nigerian Exchange’s milestone of surpassing a market capitalization of N100 trillion was hailed by President Bola Ahmed Tinubu on Thursday.
The sustained growth in the Nigerian Stock Market reflects increasing investor confidence and a positive outlook for the economy. As the market continues to attract investors, it is likely to have a positive impact on the country’s economic development. The Nigerian Exchange’s ability to surpass the N100 trillion milestone is a significant achievement, demonstrating the market’s potential for growth and investment opportunities.
