Stock Market Gains N1.9tn to Close August Positive

Nigeria’s stock market added N1.9 trillion in August as gains in banking, consumer goods, oil and gas, and insurance shares pushed the exchange higher.

The Nigerian Exchange All-Share Index rose 2,900.92 points, or 1.20%, to close at 244,199.39 points. Market capitalization ended the month at N157.739 trillion. The market’s month-to-date return stood at -0.4%, while its year-to-date return reached 56.9%.

Banking stocks led sector gains with a 3.1% increase, followed by consumer goods at 1.7%, oil and gas at 1.4%, and insurance at 0.9%. Industrial goods fell 0.7%. Aradel Holdings, MTN Nigeria Communications, Nigeria Exchange Group, Zenith Bank and Ecobank Transnational Incorporated were among the stocks that supported the rise.

Investor sentiment appeared broadly positive during the session, with 43 stocks gaining against 16 decliners. Omatek Ventures topped the gainers, rising 10% to N1.65 per share. Abbey Bank led the decliners after falling 9.41% to N7.70.

Trading volume increased 0.2% to 606.19 million units, valued at N38.70 billion across 53,471 deals. Access Holdings led activity with 126.537 million shares worth N3.949 billion. Cowry Assets Management said the market could maintain its momentum as sentiment improves, helped by confirmation of the FTSE Russell reclassification.