Market surges powerfully, delivering N179bn gains to Investors

By Taiye Olayemi

The Nigerian equities market recorded a strong rebound on Friday, with investors posting a profit of N179 billion as trading volumes and value surged significantly across the board.

Investors exchanged 1.826 billion shares valued at N20.03 billion in 20,645 deals, a remarkable leap from Thursday’s 324.6 million shares worth N13.05 billion traded in 18,328 transactions. The sharp rise signals renewed confidence and heightened participation in the market.

Data tracked by the News Agency of Nigeria (NAN) shows that the rally reflected broad market strength, as both volume and value climbed sharply.

Access Corporation topped the activity chart with 103.29 million shares worth N2.17 billion changing hands.

The upbeat sentiment extended the market’s bullish momentum, pushing the market capitalisation higher by N179 billion or 0.20 per cent, closing at N91.286 trillion, up from N91.107 trillion on Thursday.

Similarly, the All-Share Index (ASI) rose by 281.30 points or 0.20 per cent to end the day at 143,520.53, compared with 143,239.23 in the previous session.

Market analysts attributed the surge to increased interest in a number of outperforming stocks, including Ikeja Hotel, NGX Group, Academy Press, Omatek, Cadbury, and 28 others.

The year-to-date return climbed to 39.44 per cent, while market breadth closed positive, with 33 gainers against 21 losers.

Among the top performers, Ikeja Hotel led the gainers’ table with a 10 per cent rise to N30.25. NGX Group followed closely with a 9.98 per cent increase to N56.20.

Academy Press appreciated by 9.70 per cent to close at N7.35, while Omatek Ventures advanced 9.35 per cent to N1.17. Cadbury also climbed 8.63 per cent to settle at N57.90 per share.

On the losers’ side, Abbey Mortgage Bank led the chart with a 10 per cent drop to N5.85. Meyer fell 9.97 per cent to N13.10, while Sunu Assurances dipped 9.89 per cent to N3.92.

Sovereign Trust Insurance lost 9.09 per cent, closing at N2.70, and Linkage Assurance dropped 8.02 per cent to finish at N1.72 per share.

The session closed with strong indications of sustained momentum as investors continued to position for year-end gains.