The Nigerian stock market has concluded the week on a strong note, with the market capitalization increasing by N1.157 trillion, representing a 1.63% gain.
This significant growth has boosted the market’s value to N72.275 trillion, up from N71.118 trillion recorded on Wednesday.
The All-Share Index (ASI) also experienced a substantial surge, rising by 1,835.02 points, or 1.63%, to settle at 114,616.75 from its previous close of 112,781.73.
This impressive performance was driven by robust buying interest in medium and large-capitalized stocks, including Champion Breweries, NGX Group, MTN Nigeria, and Oando. A total of 41 stocks emerged as gainers, while 22 stocks recorded losses.
Among the top gainers, Champion Breweries led the pack with a 10% gain, closing at N7.70 per share.
The Nigerian Exchange Group followed closely, also recording a 10% gain to settle at N39.60 per share. MTN Nigeria rose by 9.99%, ending the session at N319.20, while Oando soared by 9.96%, closing at N56.85 per share.
On the other hand, some stocks recorded losses, with Northern Nigeria Flour Mills dropping by 9.97% to close at N125.05 per share. ABC Transport lost 9.77%, finishing at N2.40 per share, while Legend Internet fell by 9.49% to settle at N5.34 per share.
In terms of trading activity, the market witnessed a significant increase in transactions. A total of 1.46 million shares worth N33.47 billion were exchanged across 16,410 transactions, representing a notable increase from the previous session.
Fidelity Bank topped the activity chart with 829.72 million shares traded, valued at N15.97 billion. Other active stocks included Legend Internet, Zenith Bank, JaPaul Gold, and Guaranty Trust Holding Company.
The bullish trend in the market reflects investor confidence and optimism about the future prospects of the Nigerian economy. As the market continues to evolve, investors will be closely monitoring key economic indicators and corporate earnings reports to gauge the sustainability of the current uptrend.
