The Nigerian stock market extended its bullish run on Thursday, with investors recording a gain of N1.663 trillion as market capitalisation rose to N136 trillion.
The uptrend was driven by price appreciation in stocks such as Guinea Insurance, Trans-Nationwide Express, Aradel, Ecobank Transnational, Daar Communications and 40 other equities.
Specifically, the market capitalisation increased by 1.23 per cent, representing a gain of N1.663 trillion, to close at N136.435 trillion compared with N134.772 trillion recorded at the opening of trading.
Similarly, the All-Share Index (ASI) rose by 2,583.61 points or 1.23 per cent to settle at 211,901.02, up from 209,317.41 posted in the previous session.
Also, the Year-To-Date (YTD) return improved to 36.17 per cent while the market breadth closed positive with 45 gainers and 20 losers.
On the gainers’ chart, Trans-Nationwide Express and Guinea Insurance led by 10 per cent each, closing at N5.50 and N1.21 per share respectively.
Aradel gained by 9.99 per cent, settling at N1,547.50, Ecobank Transnational climbed by 9.97 per cent, ending the session at N61.20 and Daar Communications added by 9.93 per cent, closing at N1.66 per share.
On the flip side, Ikeja Hotel led the losers’ chart by 9.73 per cent, ending the session at N33.40, WAPIC trailed by 8.77 per cent, settling at N2.60 while CAP lost by 8.61 per cent, finishing at N95 per share.
Also, International Energy Insurance fell by 8.18 per cent, closing at N3.03 and Mc Nichols dipped by 5.82 per cent, finishing at N6.31 per share.
Market activity declined for the day, as total volume traded fell by 17.19 per cent to 584.96 million shares, valued at N34.76 billion across 45,559 transactions.
Zenith Bank led the activity chart, recording the highest volume and value with 61.74 million shares worth N7.60 billion, representing 10.55 per cent and 21.86 per cent of the day’s total volume and value, respectively.
Reacting, Mr Tajudeen Olayinka, Chief Executive Officer of Wyoming Capital and Partners, said sustained rallies attracted fresh participation from investors who had previously stayed on the sidelines.
He noted that a prolonged market uptrend boosted liquidity as new investors sought to take advantage of prevailing opportunities, while existing investors who had been inactive also return to participate.
He explained that such rallies often trigger an influx of both local and foreign investors, with many drawn by the prospect of improved returns.
Olayinka noted that the trend was driven by local investors, including previously liquidated players, as well as foreign investors who now view the market as offering attractive yields.
He said that the strong performance of companies, reflected in robust financial results in spite of economic challenges, had further strengthened investor confidence.
