Nigerian Stock Market Records Another Day of Strong Performance
- The Nigerian stocks market has extended its upward momentum as the All-Share Index gained
- The strong rally was driven by sustained buying interest across major counters
- UACN Plc and SUNU Assurances Nigeria Plc led the gainers, while Fidson Healthcare Plc topped decliners
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Legit.ng journalist Dave Ibemere has business journalism experience, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian equities market sustained its upward momentum on Tuesday, March 3 as investors maintained strong buying interest across major counters.
The benchmark All-Share Index (ASI) advanced by 0.57% to close at 196,621.96 points, compared with 195,514.23 points recorded in the previous session.
Source: Getty Images
At the end of trading on Tuesday, Market capitalisation increased by N710.97 billion to settle at N126.20 trillion, while the year-to-date return improved to 26.35%.
Market breadth closed bullish, with 39 gainers against 35 decliners, reflecting improved investor sentiment.
UAC of Nigeria PLC (UACN) Plc and SUNU Assurances Nigeria Plc topped the gainers’ chart, while Fidson Healthcare Plc led the decliners.
Top gainers
- SUNU Assurances Nigeria Plc rose from N4.40 to N4.84, gaining N0.44 (10.00%).
- UACN Plc climbed from N97.00 to N106.70, adding N9.70 (10.00%).
- Oando Plc advanced from N45.70 to N50.25, up N4.55 (9.96%).
- Sovereign Trust Insurance Plc increased from N2.43 to N2.67, gaining N0.24 (9.88%).
- FTG Insurance Plc appreciated from N1.03 to N1.13, rising N0.10 (9.71%).
Top decliners
- FGSUK 2032 S7 bond recorded the sharpest decline, dropping from N134.00 to N108.00, down N25.99 (19.40%).
- Fidson Healthcare Plc fell from N90.00 to N81.00, losing N9.00 (10.00%).
- Mecure Industries Plc declined from N75.85 to N68.30, shedding N7.55 (9.95%).
- Lotus Halal Investment Fund slipped from N130.61 to N117.66, down N12.95 (9.92%).
- Alexander Forbes Group Holdings Plc decreased from N17.20 to N15.50, losing N1.70 (9.88%).
Source: Getty Images
Market activity (volume and value)
Trading activity strengthened, with total volume rising by 11.41% to 880.01 million shares valued at N44.51 billion across 86,761 deals.
- FTG Insurance Plc recorded the highest volume with 58.40 million shares, representing 6.64% of total traded volume.
- Sterling Financial Holdings Company Plc accounted for 56.82 million shares, while Japaul Gold & Ventures Plc traded 47.28 million shares.
- Zenith Bank Plc recorded 40.86 million shares, and Jaiz Bank Plc posted 38.72 million shares.
In value terms, Aradel Holdings Plc led with N8.22 billion worth of trades, accounting for 18.47% of total market value. MTN Nigeria Communications Plc and Zenith Bank Plc followed in traded value.
Top 10 naira stocks that made investors richer
Earlier, Legit.ng reported that several naira stocks have enjoyed a bull run in 2024, making investors richer. This is against the general thought that one must necessarily invest in dollar stocks.
These naira stocks outperformed the All Share Index (ASI) and grew even higher than the inflation rate, thus protecting investors' funds.
The number one stock on this list grew 1646%, while several others tripled and even quadrupled investors' monies.
Source: Legit.ng
