In a remarkable surge, the domestic equities market in Nigeria continued its bullish momentum, setting a new record with an overall capitalization soaring to N40 trillion.
The Nigerian Exchange Limited All Share Index (ASI) experienced a substantial rise of 927.61 basis points, or 1.28 percent, concluding at 73,397.71 basis points. This upward trend resulted in a noteworthy increase of N507 billion in market capitalization, reaching a closing figure of N40.164 trillion.
This surge was driven by gains in medium- and large-capitalized stocks, with notable contributions from Airtel Africa, Presco, Stanbic IBTC Holding, Transcorp Hotels, and Northern Nigeria Flour Mills (NNFM).
Market sentiment, as gauged by market breadth, leaned positively, with 37 stocks recording gains against 24 losers. Multiverse Mining & Exploration and Transnational Corporation (Transcorp) achieved the highest price gains of 10 percent each, closing at N11.55 and N7.70, respectively. Infinity Trust Mortgage Bank followed closely with a gain of 9.97 percent, concluding at N3.75 per share.
eTranzact International and Caverton Offshore Support Group also experienced notable appreciation, closing at N6.20 and N1.93, respectively, with gains of 9.73 percent and 9.66 percent.
Conversely, Tantalizers led the losers with a 10 percent decline, closing at 45 kobo per share. Thomas Wyatt Nigeria and The Initiates Plc (TIP) followed suit with declines of 9.86 percent and 9.32 percent, ending at N2.65 and N1.07 per share, respectively. Juli and Chams Holding Company also recorded declines of 9.23 percent and 9.05 percent, concluding at 59 kobo and N1.81 per share, respectively.
Trading activity witnessed a significant uptick, with the total volume traded surging by 34.8 percent to 554.64 million units, valued at N12.83 billion, and conducted through 7,910 deals. Guaranty Trust Holding Company (GTCO) took the lead in transactions, trading 89.454 million shares valued at N3.578 billion. Access Holdings and Transcorp followed closely, exchanging 59.715 million shares worth N1.367 billion and 51.959 million shares valued at N374.570 million, respectively. Other actively traded stocks by volume included Zenith Bank Plc (50.987 million shares valued at N533.794 million) and Access Bank Plc (39.527 million shares worth N332.448 million).
FCMB Group and United Bank for Africa (UBA) also featured prominently in trading, with 29.400 million shares valued at N211.978 million and 24.83 million shares worth N625.594 million, respectively.
