Nigerian Stock Market Gains N1.76 Trillion Amid Sustained Investor Confidence

The Nigerian stock market commenced the week on a high note, witnessing a substantial appreciation in its capitalization by N1.76 trillion. This surge is attributed to sustained investor confidence and persistent buying interest in major stocks, notably BUA Cement and First Holdco Plc.

The Nigerian Exchange Limited All-Share Index (NGX ASI) climbed to 2,721.83 points, marking a 1.12 percent gain and closing at 246,183.96 basis points. This performance pushed the NGX ASI's Month-to-Date and Year-to-Date returns to +7.3 percent and +58.2 percent, respectively. Concurrently, the market capitalization rose to N158.812 trillion.

“

The Nigerian stock market opened the new week on a positive note as the capitalisation appreciated by N1.76 trillion, reflecting sustained investor confidence and continued buying interest in large-cap stocks.

However, a closer look at investor sentiment reveals a broadly negative outlook, with 31 declining stocks narrowly outnumbering the 29 gainers. Custodian Investment and NEM Insurance led the gainers, each rising by 10 percent. BUA Cement followed with a 9.98 percent increase, while First Holdco and FTN Cocoa Processors also saw significant gains.

On the downside, Sunu Assurance experienced the largest decline of 10 percent. Tripple Gee & Company, ABC Transport, Abbey Bank, and Wapic Insurance also recorded notable losses. Trading volume increased by 24.17 percent to 851.634 million units, valued at N49.595 billion, across 56,873 deals. First Holdco dominated trading activity, with transactions worth N21.515 billion.

“

The market is expected to sustain its positive momentum, underpinned by strategic portfolio rebalancing, though profit-taking in recently appreciated counters could temper the pace of any recovery.