Equity market extends rally as index gains 1.06%

Nigeria's equities market continued its upward trend for the second day, driven by sustained buying interest that boosted capital appreciation across the board. The benchmark All-Share Index climbed 1.06%, adding 2,524.00 points to close at 240,743.19. The total market capitalization of listed equities saw a substantial increase of N1.64 trillion, settling at N154.48 trillion.

The market's positive performance was largely fueled by gains in medium and large-cap stocks, including prominent names like Airtel Africa, Guaranty Trust Holding Company, Transnational Corporations, Lafarge Africa, and Zichis Agro Allied Industries. Investor sentiment remained robust, with 33 advancing stocks outperforming 23 declining ones. Guinea Insurance and Airtel Africa led the gainers, each reaching the maximum daily price appreciation of 10 percent.

Activity on the trading floor intensified, with the total volume of shares traded rising by 15.74 percent to 564.91 billion units. These transactions, valued at N39.35 billion, were executed across 49,230 deals. Fidelity Bank emerged as the most traded stock by volume, followed by Zenith Bank and Dangote Sugar Refinery, indicating significant investor engagement in these counters.

Despite the overall positive momentum, some stocks experienced declines. Red Star Express led the laggards, depreciating by 9.96 percent. Premier Paints, Trans-Nationwide Express, Royal Exchange, and Abbey Mortgage Bank also closed lower, reflecting sector-specific or individual stock performance within the broader market rally.