Lagos: Investors rode a wave of strong corporate earnings on Friday, driving the Nigerian stock market to an unprecedented ₦2.367 trillion gain as the week closed bullish
Increased and sustained investor interest in stocks like Nestlé Nigeria, Union Dicon Salt, Infinity Trust, Mc Nicholas, Cornerstone Insurance, and 48 other advancing equities drove the market into positive terrain.
Financial experts attributed the development to the continuous release of companies’ annual financial reports and the increase in equity investment cap by the National Pension Commission (PenCom) for pension fund administrators.
Market capitalisation started at N114.660 trillion and rose by N2.367 trillion, or 2.06 per cent, to close at N117.027 trillion.
The All-Share Index (ASI) gained 2.06 per cent, or 3,687.45 points, and settled at 182,313.08, up from 178,625.63 on Thursday.
Consequently, the year-to-date (YTD) return climbed further to 17.16 per cent.
Market breadth was positive, with 53 gainers outpacing 33 decliners.
Nestlé Nigeria, Union Dicon Salt, Infinity Trust, Mc Nicholas and Cornerstone Insurance led the gainers’ chart by 10 per cent each, ending the session at N2,662, N20.90, N9.90, N7.70 and N6.38 per share, respectively.
Conversely, Skyway Aviation Handling Company led the losers’ chart by 10 per cent, finishing at N135, Guinness Nigeria trailed by 9.97 per cent, settling at N315, while Omatek Ventures shed by 9.39 per cent, closing at N2.99 per share.
Also, NPF Microfinance Bank fell by 6.51 per cent, ending the session at N5.60, and Etranzact dipped by 6.33 per cent, closing at N22.95 per share.
A total of 936.4 million shares, valued at N52.7 billion, were traded across 50,068 transactions, compared to 698.3 million shares valued at N28.4 billion traded across 50,886 transactions.
This revealed a 34 per cent increase in volume, an 85 per cent increase in value, and a 2 per cent decline in deals.
Meanwhile, First Holding Company topped the activity chart in volume with 106.3 million shares valued at N5.1 billion.
Zenith Bank followed with 72.6 million shares worth N5.7 billion, while United Capital traded 45.4 million shares valued at N963.2 million.
Guaranty Trust Holding Company sold 45 million shares worth N4.9 billion, and Fidelity Bank transacted 31.4 million shares valued at N639.03 million.
Mr Aruna Kebira, CEO of Globalview Capital Ltd., credited the rally to robust corporate earnings, anticipated dividends, and renewed institutional investment.
Kebira said the release of impressive results by companies such as Nigerian Breweries Plc had boosted investor confidence, adding that the brewer’s performance signalled a strong recovery from the challenges of 2024.
According to him, many consumer goods companies were gradually emerging from the impact of the 2024 currency devaluation, having posted significant growth in sales and turnover in 2025.
“We are seeing companies come out of the doldrums of 2024, with the surge in sales and improved earnings pointing to the potential for dividend declarations,” he said.
Kebira noted that companies like Nestlé Nigeria Plc and Nigerian Breweries may soon reward shareholders, given their projected earnings.
He explained that even unaudited results often provide a reliable basis for dividend projections.
“Sometimes, there is little difference between unaudited and audited accounts.
“Financial analysts can estimate dividend capacity by examining profit after tax and transfers to reserves. The balance often indicates what could be available for distribution,” he said.
On the role of pension funds, Kebira explained that the recent move by the National Pension Commission (PenCom) to adjust equity investment limits had, in his view, contributed to the bullish momentum.
“That is part of it. Pension Fund Administrators typically invest in fundamentally sound stocks and take long-term positions because they manage retirement funds with investment horizons of 10 to 15 years.
“With increased room to participate in equities, they are likely to take positions early,” he said.
He observed that the mix of stronger earnings, dividend prospects, and institutional inflows made the session particularly dynamic.
