Investors gain N1.75trn as ASI rises 2.01% on MTNN, banking stocks
BY MOTOLANI OSENI
The Nigerian equities market extended its winning streak into the fourth consecutive session, with investors recording a N1.75 trillion gain as the NGX All-Share Index surged by 2.01 per cent to close at 124,446.80 points on Thursday.
Market capitalisation rose in tandem by 2.28 per cent to settle at N78.72 trillion, up from N76.97 trillion in the previous session. This bullish performance lifted the year-to-date return to 20.91 per cent from 18.52 per cent.
The rally was driven largely by sustained buying interest in heavyweight stocks, led by MTNN, which soared 9.86 per cent. Tier-1 banks also fuelled the rally, with ZENITHBANK advancing 7.46 per cent and GTCO rising 2.84 per cent. These gains overshadowed mild profit-taking in DANGSUGAR (-0.19%), CUSTODIAN (-2.18%), and CADBURY (-6.22%).
Market activity mirrored the upbeat sentiment as total trading volume rose by 44.05 per cent, while turnover jumped by 77.62 per cent. A total of 174.22 million ACCESSCORP shares worth N3.99 billion changed hands, making it the most traded stock by volume and value.
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The market breadth widened significantly, improving from 2.8x to 7.0x, with 66 gainers against only 9 decliners.
FTNCOCOA led the gainers’ chart with a 10.00 per cent jump, while NEIMETH topped the losers’ list with a 10.00 per cent decline.
On the NASD OTC platform, the NASD Securities Index (NSI) advanced by 0.62 per cent to close at 3,424.2 points, pushing market capitalisation above the N2 trillion mark. However, while the value of transactions rose 55.74 per cent to N25.06 million, volume declined sharply by 91.47 per cent to 916,738 units. The number of deals executed climbed 29.17 per cent to 31.
