The Nigerian equities market extended its bullish momentum, adding ₦370 billion in value as gains in banking and blue-chip stocks lifted overall investor sentiment.
The Nigerian Exchange All Share Index rose by 576.27 points, reflecting a 0.28% increase to close at 203,161.81 points. Market capitalization also climbed to ₦130.774 trillion, supported by strong performances in key stocks including Zenith Bank, Nigerian Exchange Group, Nestle Nigeria, Aradel Holdings, and Lafarge Africa.
Market analysts at Cowry Assets Management Limited noted that while the upward trend remains intact, mild profit-taking could influence trading direction in upcoming sessions.
Trading activity showed a balanced market breadth, with 30 gainers matching 30 losers. Top gainers included Trans-Nationwide Express, International Energy Insurance, and Guinea Insurance, all posting notable price increases.
On the downside, LivingTrust Mortgage Bank led decliners, followed by R.T. Briscoe and Tantalizers.
Despite the positive close, total trading volume dropped by 35.17% to 652.86 million shares valued at ₦39.82 billion across 51,101 deals. Access Holdings dominated trading activity, followed by Guaranty Trust Holding Company, while United Bank for Africa and Zenith Bank also recorded significant transactions.
Overall, the market outlook remains cautiously optimistic, with banking stocks continuing to play a pivotal role in sustaining the Nigerian stock market rally.
