The Nigerian equities market extended its positive run for a third consecutive trading session this week, with investor optimism surrounding the proposed N2.15 trillion Dangote Refinery Initial Public Offering (IPO) helping to sustain bullish sentiment.
The market’s All-Share Index (ASI) rose by 487.28 points, representing a 0.20 per cent increase, to close at 244,791.79 points. Consequently, total market capitalisation climbed by approximately N316 billion to N158.715 trillion.
Sectoral performance was largely positive, with the Insurance Index gaining 1.6 per cent, Consumer Goods Index rising 0.8 per cent and the Banking Index advancing 0.2 per cent. The Industrial Goods and Oil & Gas indices closed unchanged.
Gainers Outnumber Losers
Market breadth remained positive, with 34 stocks recording price gains compared with 25 decliners.
Sovereign Trust Insurance led the gainers, rising 9.69 per cent to close at N2.15 per share. Champion Breweries followed with a 9.50 per cent increase to N10.95, while Livestock Feeds advanced 9.42 per cent to N7.55.
Learn Africa gained 9.09 per cent to close at N8.40, while Mutual Benefits Assurance appreciated by 8.93 per cent to N3.05 per share.
On the downside, Industrial and Medical Gases Nigeria led the decliners after its share price fell 9.93 per cent to N27.65.
John Holt declined 9.88 per cent to N7.30, while LivingTrust Mortgage Bank lost 9.84 per cent to close at N2.84. Fidson Healthcare shed 9.19 per cent to N72.65, while Royal Exchange fell 9 per cent to 91 kobo per share.
Trading Activity Rises
Trading activity also strengthened during the session, with total volume increasing by 31.1 per cent to 662.43 million shares. The transactions were valued at N37.45 billion and executed in 63,271 deals.
Sterling Financial Holdings Company dominated the activity chart, accounting for 142.041 million shares valued at N1.072 billion.
AIICO Insurance followed with 73.633 million shares worth N274.417 million, while Fidelity Bank recorded 43.326 million shares valued at N873.378 million.
Guaranty Trust Holding Company (GTCO) traded 40.546 million shares worth N5.271 billion, while Zenith Bank recorded 34.868 million shares valued at N4.468 billion.
Positive Outlook
Cowry Assets Management Limited said the market could maintain its upward trajectory as investor sentiment continues to improve, although profit-taking activities could moderate the pace of further gains.
“The market is expected to sustain its bullish trend as investor sentiment tilts increasingly positive, though residual profit-taking activity could temper the pace of any recovery,” the investment firm stated.
