Nigerian Stock Market surges, gains N948 billion to close Week strong

By Taiye Olayemi

The Nigerian Stock market concluded the trading week on a bullish note, recording a significant gain of N948 billion, driven by robust investor demand for key stocks.

The positive momentum, sustained throughout the week, was propelled by strong performances from companies such as UAC of Nigeria, BUA Cement, Beta Glass, Legend Internet Plc, and 30 other stocks.

Stock Market capitalization increased by 1.07 percent, rising from N88.424 trillion on Thursday to N88.372 trillion by Friday’s close.

The All-Share Index (ASI) also advanced, climbing 1,399.53 points, or 1 percent, to settle at 141,263.05, up from 139,863.52 at the previous session’s close.

Despite the overall upbeat performance, market breadth tilted slightly negative, with 35 stocks gaining compared to 34 losers.

Notable decliners included Champion Breweries and Dangote Sugar, both dropping 10 percent to close at N12.51 and N66.15 per share, respectively. Oando Plc also fell 10 percent to N53.10, while Cornerstone Insurance and Abbey Mortgage Bank shed 9.78 percent and 9.76 percent, closing at N4.15 and N5.27 per share, respectively.

On the gainers’ side, UAC of Nigeria led with a 9.96 percent increase, closing at N88.30 per share, followed by BUA Cement, which rose 9.63 percent to N148.

Veritas Kapital gained 9.45 percent to end at N1.39, while Beta Glass surged 9.22 percent to N408.50. Legend Internet also advanced, climbing 8.84 percent to close at N6.40 per share.

Trading activity saw 1.08 billion shares valued at N26.85 billion exchanged across 34,488 transactions, a slight decline from Thursday’s 1.11 billion shares worth N33.65 billion traded in 37,370 deals. First City Monument Bank led the activity chart with 277.21 million shares worth N2.84 billion, followed by Fidelity Bank with 85.6 million shares valued at N1.80 billion.

Sterling Nigeria traded 58.37 million shares worth N396.75 million, while Universal Insurance and Veritas Kapital Assurance transacted 44.72 million and 41.54 million shares, valued at N32.77 million and N57. F18 million, respectively.

Analysts attribute the market’s positive close to sustained investor confidence in blue-chip and growth stocks, despite pockets of profit-taking in select counters.

The week’s performance reflects optimism in Nigeria’s economic recovery, though challenges such as inflation and currency volatility continue to shape market dynamics.

Investors are expected to monitor upcoming corporate earnings and macroeconomic indicators for further direction.