The Nigerian equities market closed on a bullish note on Thursday, with investors gaining N1.16tn in market capitalisation, the highest single-day gain in recent weeks ahead of the Eid-el-Kabir holiday.
Data from the Nigerian Exchange Limited showed that the All-Share Index rose by 1.63 per cent or 1,835.02 points to close at 114,616.75 points, up from 112,781.73 points recorded at the close of trading on Wednesday. As a result, the market capitalisation climbed from N71.2tn to N72.3tn.
This performance was driven by strong buying interest in large-cap stocks such as Nigerian Exchange Group, MTN Nigeria, Oando, and Champion Breweries, all of which posted near or maximum daily gains of 10 per cent.
A total of 1.28bn shares valued at N32.47bn were exchanged in 16,407 deals, reflecting improved market activity. Compared to the previous trading day, the market recorded a 114 per cent increase in volume, a 104 per cent rise in value, and a 20 per cent growth in the number of deals.
Fidelity Bank led the volume chart with 830m shares traded, followed by Zenith Bank with 62.8m shares, Japaul Gold with 34.8m shares, and Guaranty Trust Holding Company with 30.9m shares.
Nigerian Exchange Group topped the gainers’ chart with a 10 per cent increase to close at N39.60 per share. It was followed by Champion Breweries with a 10 per cent gain, MTN Nigeria with a 9.99 per cent rise, Oando with a 9.96 per cent gain, and Morison Industries with a 9.90 per cent increase.
On the losing side, Northern Nigeria Flour Mills led with a 9.97 per cent decline to close at N125.05 per share.
In total, 127 equities participated in trading, with 40 stocks appreciating, 22 declining, and 65 remaining unchanged.
Across the sectoral indices, the Premium Index recorded the highest gain with a 3.65 per cent rise, followed by the Banking Index, which gained 2.46 per cent. The Oil and Gas Index appreciated by 2.36 per cent, the Pension Index added by 2.21 per cent, while the Insurance Index climbed by 1.31 per cent.
Analysts attributed the market rally to investors positioning ahead of the Eid holiday and renewed confidence in the stability of blue-chip stocks amid strong first-quarter earnings.
The market has now recorded a week-on-week gain of 2.5 per cent, a four-week gain of 4.93 per cent, and a year-to-date return of 11.36 per cent, reinforcing investor optimism as the market enters the second half of the year.
On Wednesday, the Nigerian Exchange sustained its bullish momentum, as investors gained N224bn, pushing the total market capitalisation to N71.1tn at the close of trading.
The market’s benchmark index, the All-Share Index, increased by 354.25 points, or 0.32 per cent, to close at 112,781.73. This represents a one-week gain of 0.79 per cent, a four-week gain of 3.61 per cent, and a year-to-date gain of 9.58 per cent.