Lagos: The Nigerian stock market extended its bullish run on Thursday, with investors recording a gain of N1.663 trillion, bringing market capitalisation to N136 trillion.
The uptrend was driven by price appreciation in stocks such as Guinea Insurance, Trans-Nationwide Express, Aradel, Ecobank Transnational, Daar Communications and 40 other equities.
Specifically, market capitalisation rose by 1.23 per cent to N136.435 trillion, up from N134.772 trillion at the opening.
Similarly, the All-Share Index (ASI) rose by 2,583.61 points or 1.23 per cent to settle at 211,901.02, up from 209,317.41 posted in the previous session.
Also, the Year-To-Date (YTD) return improved to 36.17 per cent while the market breadth closed positive with 45 gainers and 20 losers.
On the gainers’ chart, Trans-Nationwide Express and Guinea Insurance led by 10 per cent each, closing at N5.50 and N1.21 per share, respectively.
Aradel gained by 9.99 per cent, settling at N1,547.50, Ecobank Transnational climbed by 9.97 per cent, ending the session at N61.20 and Daar Communications added by 9.93 per cent, closing at N1.66 per share.
On the flip side, Ikeja Hotel led the losers’ chart by 9.73 per cent, ending the session at N33.40; WAPIC trailed by 8.77 per cent, settling at N2.60; while CAP lost 8.61 per cent, finishing at N95 per share.
Also, International Energy Insurance fell by 8.18 per cent, closing at N3.03, and Mc Nichols dipped by 5.82 per cent, finishing at N6.31 per share.
Market activity declined for the day, as total volume traded fell by 17.19 per cent to 584.96 million shares, valued at N34.76 billion across 45,559 transactions.
Zenith Bank led the activity chart, recording the highest volume and value with 61.74 million shares worth N7.60 billion, representing 10.55 per cent and 21.86 per cent of the day’s total volume and value, respectively.
Reacting to recent market performance, Mr Tajudeen Olayinka, Chief Executive Officer of Wyoming Capital and Partners, explained that sustained rallies had encouraged more investors to enter the market.
He described how some investors who had previously hesitated to participate were attracted back by the continued positive trend.
He noted that a prolonged market uptrend boosted liquidity as new investors sought to capitalise on prevailing opportunities, while existing investors who had been inactive also returned to participate.
Olayinka further explained that such rallies tend to attract both local and foreign investors. He stated that these groups are often drawn by the prospect of improved returns in a thriving market environment.
He clarified that, in his view, the ongoing trend is driven by both local and foreign investors, including those who previously liquidated assets.
According to Olayinka, both groups now find the market yields attractive.
He said that the strong performance of companies, reflected in robust financial results despite economic challenges, had further strengthened investor confidence.
