Stock Market roars to life with N228bn gain, investors cheer

By Taiye Olayemi

The Nigerian stock market kicked off the week with an impressive N228 billion surge, as investor confidence propelled the market to new heights.

On Monday, the Nigerian Exchange Ltd. recorded a notable 0.34% increase in market capitalisation, closing at an impressive N66.693 trillion, up from the previous Friday’s N66.465 trillion.

The All-Share Index (ASI) mirrored the bullish sentiment, climbing by 363.57 points (0.34%) to reach 106,116.18, from 105,752.61.

The market was fuelled by significant buying interest in medium and large-cap stocks, with International Breweries, Legend Internet Plc, Cadbury Nigeria, and Fidson leading the charge. International Breweries emerged as the top gainer, surging 10% to close at N8.47 per share, followed closely by Legend Internet Plc, which appreciated by 9.97% to N7.50 per share.

Cadbury Nigeria and Fidson also saw strong gains, rising by 9.96% and 9.95%, respectively. Eterna rounded off the top performers, gaining 9.90% to close at N43.85 per share.

Despite the positive performance, the market witnessed 16 decliners, led by Livestock Feeds, which dropped by 10%, closing at N8.55 per share. Aradel Holdings and Tripple Gee also faced losses, declining by 9.86% and 9.60%, respectively.

The day’s trading volume surged, with a total of 500.59 million shares exchanged, valued at N12.11 billion across 17,637 transactions. This was a substantial increase compared to the previous Friday, which saw 428.08 million shares worth N20.17 billion in 14,284 transactions.

Access Corporation led the pack in trading activity, with 60.87 million shares valued at N1.45 billion. Fidelity Bank and UBA followed closely, trading 56.11 million shares (N1.13 billion) and 34.53 million shares (N1.17 billion), respectively.

This market rally highlights the growing optimism among investors, as positive sentiment continues to drive Nigeria’s stock market forward.