The Nigerian Stock Market closed the week on a bullish note as strong investor sentiment pushed the market capitalisation to N85.055 trillion, up by N793 billion or 0.94 per cent.
The All-Share Index (ASI) also advanced by 1,252.93 points to close at 134,452.93, reflecting the continued momentum in equities trading.
Analysts attributed the rally at the stock market to renewed buying interest across various sectors, driven by impressive corporate earnings and stable macroeconomic indicators.
Market breadth remained positive with 48 gainers compared to 22 decliners. Champion Breweries, Ikeja Hotel, Unilever Nigeria, Enamelware, and The Initiates Plc led the gainers’ chart, each appreciating by nearly 10 per cent.
Champion Breweries rose to N12.32, while Ikeja Hotel closed at N23.10. Unilever Nigeria ended the session at N68.20, Enamelware at N27, and The Initiates Plc at N16.13 per share.
On the flip side, Tripple Gee declined by 10 per cent to N3.51, followed by Tantalizer which shed 8.55 per cent to close at N2.46. Other laggards included Sunu Assurances (–6.64%), Ecobank Transnational Incorporated (–5.88%), and Neimeth Pharmaceuticals (–4.55%).
Total turnover stood at 713.7 million shares worth N24.2 billion across 24,880 deals. This marked a slight decline in volume from the previous session’s 818.39 million shares valued at N22.67 billion.
Access Corporation led trading activity with 42.4 million shares worth N1.18 billion, followed by Universal Insurance (40.7 million shares, N29.7 million), Tantalizer (32.2 million shares, N83.1 million), GTCO (28.7 million shares, N2.7 billion), and Ellah Lakes (26.3 million shares, N260.5 million).
Commenting on the performance, Mr. David Adonri, Vice President of Highcap Securities, said the bullish run persisted despite signs of tapering intensity.
“The market continues to rally due to appreciation in several stocks, especially Okomu Oil and Presco. Okomu’s impressive half-year results and interim dividend proposal spurred investor interest,” he said.
He added that gains were recorded across all sectors, supported by a stable Monetary Policy Committee (MPC) report and strong corporate disclosures.
“All these factors combined to lift investor confidence and drive the market to another high,” Adonri noted.
