Buoyed by investors Confidence, Market Capitalisation Crosses to N159trn

The Nigerian stock market is experiencing a robust upswing, with investor confidence propelling market capitalization beyond the N159 trillion mark. This positive momentum is reflected in the Nigerian Exchange Limited All-Share Index (NGX ASI), which gained 0.19 percent to close at 246,659.56 basis points. The market has achieved a Month-to-Date return of +7.5 percent and a Year-to-Date return of +58.5 percent.

Sectoral performance was broadly positive, with the Insurance and Consumer Goods indices recording gains of 0.5 percent each. The Industrial Goods, Banking, and Oil & Gas indices closed flat. Key drivers of this upturn include price appreciation in large and medium-capitalized stocks such as Nigerian Exchange, MTN Nigeria Communications, BUA Cement, Ikeja Hotel, and The Initiates Plc.

Investor sentiment remains strong, evidenced by 33 stocks gaining value against 20 decliners. Thomas Wyatt Nigeria led the price gainers with a 9.73 percent increase. On the trading floor, the total volume of shares traded advanced by 11.4 percent to 932.45 million units, valued at N49.28 billion, across 50,059 deals. Access Holdings dominated trading activity with 336.615 million shares worth N8.650 billion.

Looking ahead, Cowry Assets Management Limited expects the market's positive trajectory to persist. They anticipate continued strategic investor repositioning and portfolio rebalancing to support this trend. However, the firm cautioned that intermittent profit-taking in recently appreciated stocks might temper the pace of further gains in the near term.

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We expect the market’s positive momentum to persist, supported by continued strategic investor repositioning and portfolio rebalancing. Nevertheless, intermittent profit-taking in recently appreciated stocks could temper the pace of further gains in the near term.