Nigerian Stock Market surges with N193 billion boom

By Taiye Olayemi

The Nigerian stock market kicked off the new week on a positive trajectory, with investors gaining a total of N193 billion in Monday’s trading session, thereby extending the momentum from the previous week.

The stock market capitalisation rose from N76.339 trillion to N76.532 trillion, representing a 0.25% increase, driven largely by renewed investor interest in several large-cap and mid-cap stocks.

The All-Share Index (ASI) also appreciated by 305.67 points, or 0.25%, to close at 121,295.33, up from 120,989.66 recorded last Friday.

Market breadth closed in the green with 55 stocks advancing against 23 decliners, signalling strong investor confidence.

Cadbury Nigeria Plc led the gainers’ chart with a 10% surge to close at N53.35 per share, while Ellah Lakes matched that performance, climbing 10% to N8.91 per share. Tripple Gee, UPDCREIT, and Red Star Express also posted significant gains, appreciating by 10%, 10%, and 9.92%, respectively.

Conversely, Sunu Assurances topped the losers’ chart with a 10% dip, closing at N4.50 per share. RT Briscoe followed with a 9.59% loss to end at N3.30, while Prestige Assurance, UPDC, and Berger Paints shed 9.09%, 8.23%, and 7.58% respectively.

Trading activity remained robust, with a total of 923.7 million shares valued at N11 billion exchanged in 25,680 deals.

Universal Insurance emerged as the most actively traded stock, recording 71.92 million shares worth N48.94 million. It was followed by First City Monument Bank (FCMB), which traded 61.4 million shares valued at N564.78 million. Ja Paul Gold, Access Corporation, and AIICO Insurance also featured prominently in the day’s top trades.

With market sentiment firmly bullish and several key stocks gaining traction, analysts believe the upward trend could persist in the coming sessions, barring major economic shocks.