Nigerian Stock Market surges ₦486bn despite short trading week

By Taiye Olayemi

Nigeria’s stock market wrapped up the week on a high, recording a remarkable gain of ₦486 billion despite trading for only three days due to the Eid-el-Kabir and Democracy Day holidays.

The market capitalisation rose from ₦72.302 trillion to ₦72.788 trillion, representing a 0.67 per cent increase, while the All-Share Index (ASI) climbed 770.43 points to close at 115,429.54 from 114,659.11.

The short week did not dampen investor enthusiasm, as interest in medium- and large-cap stocks drove the market’s strong performance. May & Baker and Infinity Trust Mortgage Bank led the rally, both appreciating by 10 per cent. Livingtrust Mortgage Bank, Stanbic IBTC, and MRS Oil also recorded significant gains, lifting overall market sentiment and pushing the bourse into positive territory.

Meanwhile, the market breadth remained upbeat, with 50 gainers outpacing 22 losers. However, Northern Nigeria Flour Mills led the laggards, shedding 10 per cent, followed by Conoil, Nigerian Enamelware, University Press, and John Holt, all of which posted notable losses.

Trading activity surged, with investors transacting 933.26 million shares worth ₦17.95 billion in 20,500 deals. This marked a sharp contrast to Wednesday’s session, which saw 471.15 million shares valued at ₦14.19 billion exchanged in 20,538 deals.

Tantalizer emerged as the most traded equity by volume, moving over 420 million shares valued at ₦946 million. Guaranty Trust Holding Company (GTCO), Zenith Bank, Computer Warehouse Group, and First Holdco also featured prominently on the activity chart, contributing significantly to the week’s turnover.

Despite the shortened week, the stock market’s bullish close underscores investor confidence in the resilience of the Nigerian capital market.