Nigerian equities market sustained its bullish momentum on Monday as investors gained N3.162 trillion, pushing the market capitalisation above N160 trillion for the first time.
According to data from NGX as reported by NAN, Market capitalisation rose by 2.01 per cent to close at N160.256 trillion, compared with N157.094 trillion recorded on Friday.
Similarly, the All-Share Index gained 5,709.71 points to settle at 250,485.54, further strengthening the market’s year-to-date return.
Market breadth closed positive with 59 gainers against 21 losers, reflecting sustained buying interest across key sectors of the market.
Top gainers for the day included CHAMS, FTN Cocoa Processors, International Energy Insurance, Livestock Feeds and RT Briscoe, which all appreciated by 10 per cent.
Conversely, Prestige Insurance, Sovereign Trust Insurance, University Press, Ellah Lakes and Tantalizers recorded losses at the close of trading.
Trading activity also improved as investors exchanged 1.49 billion shares valued at N68.45 billion in 94,834 deals.
Veritas Kapital emerged as the most traded stock by volume, accounting for 194.63 million shares or 13.10 per cent of total volume traded.
MTN Nigeria led the market by value, with transactions worth N12.39 billion recorded during the session.
Speaking on the market performance, Vice-President of Highcap Securities, Mr David Adonri, attributed the rally to improved investor confidence, favourable macroeconomic conditions and increased liquidity in the financial system.
According to him, many stocks closed on full bid, indicating strong buying pressure across the market.
Adonri also noted that investors were beginning to recognise MTN Nigeria as a largely Nigerian-owned company despite previous negative sentiment driven by xenophobia.
He added that rising crude oil prices, improved energy supply and stable economic conditions were contributing to the positive market outlook.
“Broad money supply has expanded significantly, and liquidity is finding its way into equities,” he said.
(NAN)
