Equities market investors gain N1.83trn w-o-w as optimism drives growth
BY MOTOLANI OSENI
The Nigerian equities market maintained its bullish momentum for the second week of February, recording a gain of N1.83 trillion amid investor optimism.
Despite fluctuations with three days of gains and two days of losses, the market’s overall performance reflected strong investor sentiment.
The All-Share Index rose by 2.00 per cent week-on-week (W-o-W), closing at 108,053.95 points. Market capitalization increased by N1.83 trillion or 2.78 per cent, reaching N67.418 trillion.
This positive outcome was driven by renewed investor interest in major stocks such as Dangote Cement, MTN Nigeria (MTNN), and Transcorp Hotels. The market breadth for the week was favourable, with 65 equities appreciating, 31 depreciating, and 54 unchanged. Honeywell Flour Mill led the gainers, up 47.06 per cent to close at N14.00, followed by UPDC, which gained 45.95 per cent to close at N3.78, and VFD Group, which increased by 30.63 per cent to N58.00 per share.
On the downside, DAAR Communications led decliners with a 13.58 per cent drop, closing at 70 kobo. International Energy Insurance and BUA Foods also saw declines of 10.80 per cent and 10.00 per cent, closing at N2.23 and N373.50, respectively.
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The market recorded a turnover of 2.414 billion shares worth N55.512 billion in 80,988 deals, compared to 3.051 billion shares valued at N98.350 billion in 72,535 deals the previous week.
Commenting on this development, COO of InvestData Consulting Limited, Ambrose Omordion, stated that investor focus is on upcoming full-year financial statements and dividend announcements, which continue to drive market positioning and money flow.
Looking ahead, analysts at Cowry Assets Management Ltd anticipate a mixed market sentiment as investors await further earnings reports, dividend declarations, and the outcome of the MPC meeting, advising vigilance and informed investment decisions based on strong fundamentals.
