Equities Market Gains N1.27trn On Renewed Buying Interest

The Nigerian equities market on Thursday sustained its bullish momentum, as renewed buying interest across key sectors extended gains for the fourth consecutive trading session.

The All Share Index (ASI) advanced by 1,975.18 points, representing a 1.18 per cent increase to close at 170,005.36 points. Consequently, market capitalisation rose by N1.268 trillion to settle at N109.129 trillion.

The rally was driven by price appreciation in medium- and large-cap stocks, including Seplat Energy, MTN Nigeria Communications (MTNN), Dangote Cement, Julius Berger Nigeria, and Vitafoam Nigeria.

Commenting on the market outlook, Imperial Asset Managers Limited said the market is expected to maintain its positive momentum in the next session.

The firm noted that while some volatility may emerge as short-term investors take profits, strong institutional demand for bellwether stocks ahead of the dividend announcement season is likely to provide firm support for the market on the final trading day of the week.

Market breadth was strongly bullish, with 55 advancing stocks surpassing 19 declining counters. Guinea Insurance and Seplat Energy recorded the highest price gain of 10 per cent each to close at N1.43 and N7, 370.00 respectively, while R.T. Briscoe followed with a gain of 9.95 per cent to close at N11.49 per share.

Neimeth International Pharmaceuticals rose by 9.90 per cent to close at N11.10, while Zichis Agro-Allied Industries appreciated by 9.89 per cent to close at N6.11, per share.

On the other hand, DEAP Capital Management & Trust led the losers’ chart by 9.62 per cent to close at N6.20, per share. Universal Insurance followed with a decline of 9.43 per cent to close at N1.44, while Haldane McCall declined by 9.09 per cent to close at N4.00, per share.

Red Star Express depreciated by 9.04 per cent to close at N15.60 and UPDC declined by 7.02 per cent to close at N5.30, per share.

The total volume traded advanced by 2.62 per cent to 712.981 million units, valued at N22.262 billion, and exchanged in 46,104 deals. Transactions in the shares of Access Holdings topped the activity chart with 106.630 million shares valued at N2.452 billion. Chams Holding Company followed with 44.503 million shares worth N201.309 million, while Champion Breweries traded 44.465 million shares valued at N774.312 million.

Universal Insurance traded 34.821 million shares valued at N53.644 million, while DEAP Capital Management & Trust sold 22.740 million shares worth N141.908 million.