Nigerian equity market sustains bullish streak with N348bn turnover

The Nigerian equity market maintained its bullish momentum at the close of Thursday’s trading session, recording a total turnover of N348bn, signalling a positive outlook for investors.

In terms of market performance, the All-Share Index rose by 194.69 points, or 0.19 per cent, to close at 104,744.43. The ASI has recorded a week-on-week gain of 1.9 per cent and a year-to-date gain of 1.77 per cent.

Other key indices, such as the Top 30 Index, Consumer Goods Index, and Industrial Index, also posted gains, reflecting positive sentiment across various sectors.

The market capitalisation of the Nigerian Exchange stood at N64.9tn by the end of the session, with 126 listed equities participating in the day’s trading.

A total of 497,363,256 shares were traded in 13,716 deals, reflecting a 19 per cent increase in volume compared to the previous trading day.

However, there was a 12 per cent decline in turnover and a 16 per cent drop in the number of deals.

Out of these, 39 stocks closed in positive territory, while 25 recorded losses.

Leading the gainers’ chart was Honeywell Flour Mills, which saw a 10 per cent increase in its share price, closing at N9.35. It was closely followed by Chellarams, which also gained 10 per cent, and Northern Nigeria Flour Mills, which appreciated by 9.98 per cent. Skyway Aviation Handling Company rounded off the top gainers, climbing 9.89 per cent. Other notable gainers included Redstar Express and Enamelware.

On the flip side, Guinea Insurance led the decliners with a 10 per cent drop in its share price, ending the day at N0.72. RT Briscoe declined by 9.7 per cent, Veritas Kapital Assurance lost 9.3 per cent, and May & Baker fell by 8.95 per cent.

FBN Holdings recorded the highest trading volume, with over 83 million shares changing hands, followed by Veritas Kapital Assurance with 40 million shares, Universal Insurance Company with 26.8 million shares, and Fidelity Bank with 24.8 million shares.

Despite the overall gains, some indices, such as the Insurance Index and NGX Industrial Index, showed weaker performances.

The PUNCH reports that the Nigerian Exchange witnessed a market reversal on Tuesday, as equity investors gained N364bn following an improvement in the All-Share Index, which surged by 0.57 per cent to close at 104,549.74 points.