Investors smile as Nigerian Stock Market adds N395bn in gains

By Taiye Olayemi

The Nigerian stock market maintained its bullish run on Friday, extending gains for the third consecutive session as investor confidence continued to strengthen.

Driven by price appreciation in key equities such as Eunisell Interlinked, UPDC, Sovereign Trust Insurance, Universal Insurance, and Daar Communications, the stock market capitalisation rose by 0.42 per cent, adding N395 billion to investors’ wealth.

The stock market closed at N94.56 trillion, up from N94.165 trillion the previous day.

Similarly, the All-Share Index (ASI) advanced by 622.60 points, or 0.42 per cent, to close at 148,977.64, compared to 148,355.04 recorded on Thursday.

Market breadth remained positive, with 39 gainers outpacing 23 losers, signalling broad-based investor optimism.

Eunisell Interlinked led the gainers’ chart, appreciating by 10 per cent to close at N48.40 per share. It was followed by UPDC, which rose 9.92 per cent to N6.98, while Sovereign Trust Insurance advanced 9.51 per cent to N3.57. Universal Insurance gained 9.09 per cent to close at N1.20, and Daar Communications climbed 8.74 per cent to N1.12 per share.

Conversely, Livingtrust Mortgage Bank topped the losers’ chart, declining by 10 per cent to close at N4.50, while International Energy Insurance lost 8.39 per cent to N2.73. Consolidated Hallmark Holdings dropped 6.29 per cent to N4.47, Sterling Nigeria shed 4.88 per cent to N7.80, and WAPIC Insurance dipped 4.55 per cent to N3.15 per share.

Stock market activity showed a slight decline in the number of deals and total value traded but recorded an increase in volume.

A total of 480.99 million shares valued at N16.78 billion were exchanged in 22,854 deals, compared to 432.4 million shares worth N16.9 billion traded in 23,665 deals on Thursday.

United Bank for Africa (UBA) led the activity chart by volume, trading 59.18 million shares valued at N2.48 billion, followed by Access Corporation with 50.39 million shares worth N1.29 billion. Fidelity Bank transacted 46.99 million shares valued at N944.02 million, while Sovereign Trust Insurance traded 34.24 million shares worth N120.86 million, and Tantalizer recorded 24.56 million shares valued at N54.53 million.

Analysts said the market’s sustained positive momentum reflects renewed investor appetite for value stocks and optimism over the nation’s economic outlook.