Lagos: The Nigerian equities market roared past the N160 trillion milestone on Monday, with investors raking in N3.162 trillion in fresh gains amid a surge of renewed confidence.
This increase of 2.01 per cent, from N157.094 trillion on Friday to N160.256 trillion, underscores ongoing robust demand across the exchange.
The All Share Index also advanced 5,709.71 points, closing at 250,485.54, pushing the market’s year-to-date return higher.
Trading sentiment remained positive, with 59 gainers against 21 losers, reflecting renewed investor confidence.
Specifically, buying interest centred on CHAMS, FTN Cocoa Processors, International Energy Insurance, Livestock Feeds, RT Briscoe and dozens of others.
RT Briscoe, FTN Cocoa, Livestock Feeds, CHAMS and International Energy Insurance each appreciated by 10 per cent.
On the downside, however, Prestige Insurance, Sovereign Trust Insurance, University Press, Ellah Lakes and Tantalizers posted notable losses.
Meanwhile, market activity strengthened, as 1.49 billion shares worth N68.45 billion were traded across 94,834 transactions.
In volume terms, Veritas Kapital led the way, exchanging 194.63 million shares and accounting for 13.10 per cent.
By value, MTN Nigeria commanded the most attention, recording trades worth N12.39 billion during the session.
Mr David Adonri, vice president of Highcap Securities, said: “Renewed confidence, better macroeconomic conditions and stronger liquidity supported demand across major sectors.
“Many stocks closed on full bid, showing aggressive buying interest across the market.”
Adonri further explained that there was a lot of demarketing against MTN in the past because of xenophobia.
According to him, investors now understand MTN is effectively a Nigerian stock with strong local ownership.
“Elevated crude prices, improved energy supply, and stable macroeconomic conditions are key factors supporting positive market sentiment.”
“Additionally, broad money supply has expanded significantly, directing more liquidity into equities,” he said.
