Investors rejoice as Nigerian Stock Market soars by N733bn

By Taiye Olayemi

The Nigerian stock market wrapped up the week on a strong note, surging by N733 billion or 0.75 per cent, as investor confidence lifted heavyweight stocks and brightened portfolios across the board.

The bullish sentiment, driven by renewed interest in Aso Savings, Ikeja Hotel, Regency Alliance Insurance, Caverton Offshore, and Aradel Holdings, pushed the market capitalisation up from N98.059 trillion to N98.792 trillion at Friday’s close.

Similarly, the All-Share Index (ASI) gained 1,155.15 points to settle at 155,645.05, compared to 154,489.90 recorded on Thursday.

Market breadth also closed positive, with 34 gainers against 25 losers, underscoring the upbeat mood on the trading floor.

Aso Savings led the rally, appreciating by 10 per cent to close at 66k. Ikeja Hotel followed with a 7.89 per cent rise to N20.50, while Regency Alliance Insurance climbed 7.44 per cent to N1.30. Caverton Offshore advanced 7.08 per cent to N6.50, and Aradel Holdings strengthened by 6.76 per cent to N790 per share.

However, Union Dicon Salt topped the losers’ chart, sliding 9.09 per cent to N8. Neimeth Pharmaceutical shed 6.67 per cent to N5.60, while Cornerstone Insurance dropped 5.61 per cent to N6.23. Halldane McCall declined 4.84 per cent to N4.13, and International Energy Insurance fell 4.48 per cent to N2.77.

Despite a slight dip in the number of deals, stock market activity recorded higher turnover and volume, with investors exchanging 1.21 billion shares worth N31.5 billion across 29,989 deals, compared to 926.9 million shares valued at N26.9 billion across 30,703 deals previously.

Fidelity Bank dominated trading at the stock market with 820.9 million shares valued at N16.14 billion. It was followed by Sovereign Trust Insurance with 45.5 million shares worth N176.96 million, and Tantalizer with 32.7 million shares valued at N72.05 million.

Access Corporation transacted 23.8 million shares worth N593.4 million, while Guaranty Trust Holding Company recorded 19.2 million shares valued at N1.78 billion.

The stock market’s robust close capped a week of optimism, signalling sustained investor appetite for blue-chip stocks and a promising outlook for the coming sessions.