Nigerian stock market recorded a significant gain of N1.185 trillion, driven by strong buying interest in medium and large-capitalized stocks, including Dangote Sugar and Oando.
This substantial growth has boosted the market’s overall performance, showcasing the resilience and potential of the Nigerian economy.
The market capitalization surged by 1.57% to reach N76.761 trillion, up from N75.576 trillion recorded on Tuesday. The All-Share Index (ASI) also rose by 1,466.87 points, or 1.22%, settling at 121,257.69 from its previous close of 119,790.82. This impressive growth in the ASI reflects the market’s positive trajectory and investor confidence.
Dangote Sugar led the gainers’ chart, rising by 10% to close at N48.40, while Oando Plc increased by 10% to settle at N68.75 per share. Other notable gainers included Cileasing, which grew by 9.98% to finish at N5.18, and Champion Breweries, which soared by 9.98% to end the session at N10.91 per share. Computer Warehouse Group also gained 9.95% to close at N11.60 per share.
The market’s positive performance was also reflected in its trading activity, with 861.67 million shares worth N26.18 billion exchanged across 22,896 transactions. Fidelity Bank topped the activity chart with 82.98 million shares worth N1.66 billion. Other active stocks included Caverton Offshore Support Group, which traded 64.18 million shares valued at N319.69 million, and Zenith Bank, which transacted 60.62 million shares worth N3.45 billion.
On the other hand, some stocks experienced losses, including University Press, which dropped by 6.25% to finish at N6, and RT Briscoe, which fell by 6.12% to close at N2.30 per share. Multiverse Mining declined by 4.89% to settle at N8.75, and Meyer shed 4.69% to end the session at N9.15 per share.
Overall, the market’s strong performance is a testament to the growing investor confidence in the Nigerian economy, and it is expected to drive further growth and development in the country’s financial sector. The market’s ability to attract investors and maintain a positive trajectory will be crucial in sustaining this momentum.
