Nigerian Stocks Extend Rally, Investors Gain N962bn
Nigerian stocks extended their rally on the local bourse, with investors gaining about N962 billion on Thursday, supported by bargain hunting in banking names.
The Nigerian Exchange (NGX) All-Share Index (ASI) rose by 62 basis points, driven by buying interest across key sectors.
Investor confidence remained strong ahead of the second quarter earnings release. The sustained bullish momentum was driven by interest in FIRSTHOLDCO, ZENITHBANK, ACCESSCORP, MTNN, and 25 other equities.
The market index added 1,498.75 points in today’s trading session to close at 243,958.73. Also, market capitalisation gained ₦961.75 billion, closing at ₦156.55 trillion.
Total volume and the total value traded increased by +219.45% and +392.14%, respectively. Trading data showed that approximately 1,656.12 million units valued at ₦111,976.75 million were transacted across 44,780 deals.
As regards volume, FIRSTHOLDCO accounted for 76.06% of market activity, emerging as the most traded, followed by ZENITHBANK (2.65%), ACCESSCORP (2.48%), FCMB (1.07%), and FIDELITYBK (0.97%).
FIRSTHOLDCO topped the value chart, accounting for 76.50% of all transactions in the local bourse, making it the most actively traded on the exchange.
INTBREW topped the gainers chart, up by +10.00%, followed by FIRSTHOLDCO (+9.96%), ABBEYBANK (+9.88%), TRANSEXPR (+9.76%), HONYFLOUR (+9.68%), NAHCO (+8.84%), and 23 others.
A total of twenty-four stocks depreciated. With a price depreciation of -10.00% each, THOMASWY and GEREGU topped the worst performers’ chart, followed by MCNICHOLS (-9.76%), UPDC (-9.20%), NEIMETH (-8.16%), DAARCOMM (-6.70%), and UBA (-6.53%).
Hence, market breadth closed on a positive note, with 29 gainers and 24 losers. Sectoral performance was positive today, with four of the five major market sectors increasing.
The Banking sector led with +1.33%, followed by the Consumer Goods sector (+1.21%), the Insurance sector (+0.26%), and the Industrial Goods sector (+0.0004%). Only the Oil & Gas sector declined by -0.19%. Naira Swings Narrow Exchange Rate Gap Across FX Markets
