Stock Market Market Extends Rally as Investors Gained N1.71trn
- The stock market extended its bullish run, sustaining gains from the previous session
- The rally was driven by renewed demand in banking, consumer goods, and industrial stocks
- Deap Capital Management & Trust Plc and Okomu Oil Palm Company Plc were among the top gainers
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian equities market closed on a bullish note on Thursday, extending gains from the previous session as sustained buying interest lifted key large- and mid-cap stocks.
The benchmark All-Share Index (ASI) advanced by 1.40% to close at 193,096.49 points, up from 190,427.96 points recorded in the previous session. Investors gained N1.71 trillion, pushing the year-to-date (YTD) return to 24.09%.
Source: Getty Images
Market breadth remained positive, with 52 gainers against 26 decliners. Deap Capital Management & Trust Plc, FTG Insurance Plc, and Okomu Oil Palm Company Plc topped the gainers’ chart, while McNichols Plc, Multiverse Mining & Exploration Plc, NSL Tech Plc, and Tripple Gee & Company Plc led the decliners.
At the close of trading, market capitalisation rose in line with the ASI’s 1.40% gain, reflecting renewed investor confidence across major counters.
Sector performance
Buying interest was broad-based, particularly in banking, consumer goods, and industrial stocks, which supported the overall bullish sentiment across the market.
Top gainers
- Deap Capital Management & Trust Plc rose from N6.30 to N6.93, gaining N0.63 (+10.00%).
- Okomu Oil Palm Company Plc advanced from N1,327.00 to N1,459.70, up N132.70 (+10.00%).
- FTG Insurance Plc increased from N0.50 to N0.55, gaining N0.05 (+10.00%).
- Infinity Trust Mortgage Bank Plc climbed from N13.05 to N14.35, up N1.30 (+9.96%).
- Zicon International Plc rose from N14.36 to N15.79, gaining N1.43 (+9.96%).
Top losers
- Tripple Gee & Company Plc declined from N6.00 to N5.40, shedding N0.60 (–10.00%).
- Multiverse Mining & Exploration Plc fell from N28.00 to N25.20, losing N2.80 (–10.00%).
- NSL Tech Plc dropped from N2.00 to N1.80, down N0.20 (–10.00%).
- McNichols Plc decreased from N9.20 to N8.28, shedding N0.92 (–10.00%).
- Meyer Plc slipped from N22.95 to N20.70, losing N2.25 (–9.80%).
Source: Getty Images
Most active stocks
Market activity declined, with total volume traded dropping by 76.17% to 874.07 million shares valued at N37.54 billion across 60,955 deals.
Japaul Gold & Ventures Plc recorded the highest trading volume with 80.12 million shares worth N293.25 million, accounting for 9.17% of total volume traded.
NSL Tech Plc followed with 71.77 million shares valued at N136.49 million, while Mutual Benefits Assurance Plc traded 58.68 million shares worth N277.56 million.
In terms of value, Guaranty Trust Holding Company Plc led with transactions worth N6.20 billion, representing 16.51% of total traded value.
Zenith Bank Plc followed with N4.52 billion, while MTN Nigeria Communications Plc also ranked among the top traded by value.
Naira vs dollar
Earlier, Legit.ng reported that the Chairman of the United Bank for Africa (UBA) Group has purchased over 1.2 billion shares in the bank within two days.
This comes barely a week after a smaller purchase of 45 million shares and suggests that the billionaire is consolidating his position as majority shareholder ahead of the next capital raising exercise.
Source: Legit.ng
