Stock Market breaks ₦110trn barrier as Investors gain ₦1.1trn

The Nigerian stock market closed the week on a strong bullish note on Friday, with investors recording gains of about ₦1.105 trillion as renewed buying interest pushed total market capitalisation above the ₦110 trillion mark.

Data from the Nigerian Exchange Ltd showed that market capitalisation rose from ₦109.129 trillion to ₦110.234 trillion, representing a ₦1.105 trillion increase, or 1.01 per cent, in a single trading session.

The All-Share Index also advanced by 1,722.13 points, or 1.01 per cent, to close at 171,727.49, up from 170,005.36 recorded on Thursday. This rally pushed the market’s year-to-date return to 10.36 per cent.

The positive performance at the stock market was driven by strong demand for stocks such as Nigerian Aviation Handling Company, Deap Capital Management, Omatek Ventures, Zichis Agro Allied Industries, Austinlaz, and 55 other equities. As a result, market breadth closed firmly positive, with 60 gainers outweighing 19 losers.

At the close of trading, Nigerian Aviation Handling Company, Deap Capital Management and Omatek Ventures topped the gainers’ chart, each appreciating by 10 per cent to close at ₦136.40, ₦6.82 and ₦2.64 per share, respectively. Zichis Agro Allied Industries and Austinlaz followed closely, gaining 9.98 per cent each to close at ₦6.72 and ₦5.40 per share.

On the losers’ side, The Initiates led the decline, shedding 9.74 per cent to close at ₦19.45. Daar Communications dropped by 7.32 per cent to ₦1.90, while United Capital lost 6.55 per cent to settle at ₦18.55 per share. WAPIC Insurance declined by 5.71 per cent to ₦3.30, and First Holding Company fell by 5.53 per cent to close at ₦47.

Trading activity at the stock market improved significantly, with a total of 953.8 million shares valued at ₦43.1 billion exchanged in 51,005 deals, compared with 712.9 million shares worth ₦22.3 billion traded in 46,104 transactions in the previous session. This reflected a 34 per cent increase in volume, a 94 per cent surge in turnover, and an 11 per cent rise in the number of deals.

Fidelity Bank recorded the highest trading volume for the day, with 92.39 million shares, accounting for 9.69 per cent of total volume. Presco emerged as the most traded stock by value, with transactions worth ₦11.27 billion, representing 26.15 per cent of the day’s total turnover.