The Nigerian stock market sustained its bullish momentum on Monday, as investors’ wealth rose by N1.914 trillion.
The uptrend followed improved demand for blue-chip stocks and confirmation of Nigeria’s reclassification to Frontier Market status.
The reclassification, scheduled to take effect on Sept. 21, is expected to enhance the market’s visibility among global investors.
Market capitalization rose from N155.825 trillion to N157.739 trillion, representing a N1.914 trillion increase.
Similarly, the All-Share Index (ASI) advanced from 241,298.47 to 244,199.39, gaining 2,900.92 points or 1.20 per cent.
The development pushed the market’s Year-to-Date (YtD) return to 56.93 per cent, while market breadth closed positively.
A total of 43 stocks recorded gains, compared with 16 decliners, reflecting broad-based buying interest across the market.
Omatek Ventures led the gainers, rising 10 per cent to close at N1.65 per share.
Ikeja Hotel followed with a 9.95 per cent gain, settling at N42.55, while Sovereign Trust Insurance gained 9.94 per cent to N1.88.
Sunu Assurances advanced 9.86 per cent to N3.12, while Royal Exchange climbed 9.09 per cent to close at 96k per share.
On the decliners’ chart, Abbey Mortgage Bank led with a 9.41 per cent loss, closing at N7.70 per share.
AVA Capital followed with a 7.69 per cent decline to N6, while Fortis Global Insurance dropped 6.25 per cent to N7.50.
Tantalizer declined 4.98 per cent to N3.82, while Consolidated Hallmark Holdings shed 4.60 per cent to close at N6.01.
Market activity also strengthened, with total volume traded rising 0.17 per cent to 606.19 million shares.
The transactions were valued at N38.70 billion and executed across 53,471 deals during the session.
Access Corporation dominated trading volume, with 126.54 million shares exchanged, representing 20.87 per cent of total market volume.
MTN Nigeria recorded the highest transaction value at N5.72 billion, accounting for 14.78 per cent of the day’s total value traded.
