Nigeria’s equities market extended its recent gains on Thursday as strong buying interest in Seplat Energy Plc and several other stocks added N238.37 billion to the total market value of listed companies on the Nigerian Exchange Limited (NGX).
The market capitalisation rose from N158.915 trillion at the opening to N159.153 trillion at the close, reflecting renewed buying activity despite a broader negative market breadth.
The NGX All-Share Index (ASI) also advanced by 0.15 per cent, gaining 369.05 points to close at 246,388.22, compared with 246,019.17 recorded in the previous session.
With the latest performance, the market’s month-to-date return stood at 0.9 per cent, while its year-to-date gain increased to 58.3 per cent.
Seplat Energy emerged as the strongest performer among the gainers, with its share price climbing 10 per cent to N13,552.60. Learn Africa followed with a 9.49 per cent appreciation to N8.65, while Regency Alliance Insurance gained 4.76 per cent to close at 88 kobo.
Jaiz Bank NPF rose 4.22 per cent to N8.65, while Wapic Insurance added 4.18 per cent to close at N2.49.
Despite the rise in the benchmark index, market breadth remained weak, with 33 stocks recording losses against 21 gainers.
RT Briscoe posted the biggest decline, falling 10 per cent to N9.90. Critical Minerals Financing Corporation dropped 9.86 per cent to N2.56, while Sovereign Trust Insurance shed 9.73 per cent to N2.04.
Abbey Bank also declined by 9.68 per cent to N7.00, while Daar Communications lost 8.28 per cent to close at N1.55.
Sector performance was mixed, with the NGX Oil & Gas Index emerging as the strongest sectoral performer after gaining 2.2 per cent. The NGX Industrial Goods Index finished flat.
In contrast, the NGX Insurance Index declined by two per cent, while the Banking and Consumer Goods indices fell 0.3 per cent and 0.2 per cent respectively.
Trading activity also improved during the session. Total volume increased by 1.68 per cent to 434.024 million shares, while the value of transactions stood at N29.3 billion across 42,303 deals.
United Bank for Africa led trading by volume, with 123.262 million shares worth N5.227 billion changing hands. Guaranty Trust Holding Company followed with 34.254 million shares valued at N4.552 billion, while Access Holdings recorded 24.883 million shares worth N747.764 million.
Sovereign Trust Insurance and Wapic Insurance also featured prominently in volume terms, recording trades of 21.211 million and 20.585 million shares respectively.
Analysts at Cowry Assets Management Limited maintained an optimistic outlook for the market, projecting that the positive trend could continue as investor confidence improves.
The firm linked the expected resilience partly to confirmation of the FTSE Russell reclassification, which it said could further support sentiment and interest in Nigerian equities.
