NGX extends rally as investors gain ₦962bn

The Nigerian equities market extended its bullish run on Thursday as investors gained approximately ₦961.75 billion, with sustained buying interest in banking and blue-chip stocks lifting key market indicators for the fifth consecutive trading session.

The Nigerian Exchange (NGX) All-Share Index (ASI) advanced by 1,498.75 points, or 0.62 per cent, to close at 243,958.73 points, while market capitalisation rose by the same margin to ₦156.55 trillion.

Market analysts attributed the positive performance to continued investor confidence, bargain hunting in medium and large-cap stocks, and sustained demand for fundamentally strong equities, particularly FIRSTHOLDCO, ZENITHBANK, ACCESSCORP and MTNN.

Trading activity recorded a sharp increase, with total volume traded soaring 219.45 per cent to approximately 1.66 billion shares, while the value of transactions jumped 392.14 per cent to ₦111.98 billion, executed in 44,780 deals.

FIRSTHOLDCO dominated market activity, accounting for 76.06 per cent of total traded volume and 76.50 per cent of total value traded. Other actively traded stocks included ZENITHBANK, ACCESSCORP, FCMB and FIDELITYBK.

On the gainers’ chart, INTBREW appreciated by 10.00 per cent to emerge the day’s best-performing stock. It was followed by FIRSTHOLDCO with 9.96 per cent, ABBEYBANK (9.88 per cent), TRANSEXPR (9.76 per cent), HONYFLOUR (9.68 per cent) and NAHCO (8.84 per cent).

Conversely, THOMASWY and GEREGU led the losers’ table after shedding 10.00 per cent each. They were followed by MCNICHOLS (-9.76 per cent), UPDC (-9.20 per cent), NEIMETH (-8.16 per cent), DAARCOMM (-6.70 per cent) and UBA (-6.53 per cent).

Overall market sentiment remained positive, with 29 stocks recording gains against 24 decliners, resulting in a favourable market breadth.

Sectoral performance also reflected the bullish mood, as four of the five major indices closed higher. The Banking Index led sectoral gains with a 1.33 per cent increase, followed by the Consumer Goods Index (1.21 per cent), Insurance Index (0.26 per cent) and Industrial Goods Index (0.0004 per cent). The Oil and Gas Index was the only sector to close in negative territory, declining 0.19 per cent.