Stock Market Appreciates by N1.64trn to Extend Positive Momentum

Nigeria's stock market continued its upward trajectory for a second consecutive session, buoyed by sustained buying interest in key companies. The market capitalization surged by N1.64 trillion, reflecting a strong positive sentiment among investors.

The Nigerian Exchange Limited All-Share Index (NGX ASI) climbed by 2,524.00 basis points, marking a 1.06 percent increase to close at 240,743.19 basis points. This growth was propelled by significant gains in stocks such as Airtel Africa and Guaranty Trust Holding Company (GTCO). Guinea Insurance and Airtel Africa led the advancers, each appreciating by 10 percent, while International Energy Insurance also saw a notable gain.

The market breadth favored gainers, with 33 stocks advancing compared to 23 declining. Conversely, Red Star Express, Premier Paints, and Trans-Nationwide Express were among the top losers. Trading activity saw a substantial increase in volume, which surged by 15.74 percent to 564.909 billion units, valued at N39.345 billion, executed across 49,230 deals. Fidelity Bank, Zenith Bank, and Dangote Sugar Refinery were the most active stocks by volume and value.

Analysts at APT Securities & Funds Limited attributed the market's performance to sustained bullish sentiment and improved liquidity. Investors extended their bargain-hunting activities, further supporting the market's ongoing recovery.

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the session was characterized by sustained bullish sentiment and improved liquidity, as investors extended bargain-hunting activities and supported the market’s recovery.