Stock Market Surges by N954bn as Bulls Extend Rally
The stock market sustained its upward momentum on Thursday, gaining N953 billion in market capitalisation as investor confidence remained strong.
Market sentiment was boosted by price appreciation in Industrial and Medical Gases, McNicholas, SCOA Nigeria, May and Baker, FTN Cocoa Processors and 43 other equities.
Market capitalisation rose by 0.93 per cent, opening at N102.822 trillion and closing higher at N103.775 trillion, gaining about N954 billion to investors’ portfolios.
Similarly, the All-Share Index increased by 0.93 per cent, advancing 1,491.52 points to close at 162,298.08 from 160,806.56 on Wednesday. Market breadth closed positive, with 48 gainers against 28 losers, reflecting broad-based buying interest across key sectors.
Industrial and Medical Gases, SCOA Nigeria and McNicholas led the gainers, each rising 10 per cent to close at N35.20, N9.35 and N5.50 respectively. May and Baker gained 9.92 per cent to settle at N28.80, while FTN Cocoa Processors rose 9.90 per cent to close at N6.66 per share.
Aluminium Extrusion Industries topped the losers, declining by 9.91 per cent to N19.10, followed by Austinlaz, which fell 9.83 per cent to N4.13. Sovereign Trust Insurance dropped by 9.63 per cent to N3.38, while Prestige Assurance shed 9.57 per cent to finish at N1.70 per share.
UPDC also declined, losing 9.09 per cent to close at N5 per share at the end of the trading session. A total of 624.1 million shares valued at N18.5 billion were traded in 43,816 deals, compared with 645.1 million shares worth N16.4 billion previously.
An analyst said the rally reflected “renewed bargain hunting and sustained optimism over corporate earnings prospects.” Naira Drops to N1,419 Amidst Broad Stability Projection
