Nigerian banks and other firms pushed the Nigerian stock market to a substantial N1.077 trillion gain on Friday as investors experienced unprecedented gains throughout the week.
According to data from the Nigerian Exchange Limited (NGX), the significant gain recorded on Friday was primarily driven by increased investor demand for banking stocks including First Bank Holding Company, United Bank for Africa, FCMB, alongside consumer goods giants Guinness Nigeria, Cadbury Nigeria, and insurance firm NEM Insurance.
The market capitalization increased by 1.37 percent on Friday to close at N79.803 trillion, up from N78.726 trillion recorded on Thursday, reflecting growing investor confidence in the Nigerian equities market.
Similarly, the All-Share Index (ASI) rose by 1,702.79 points, or 1.37 percent, settling at 126,149.59 from its previous close of 124,446.80, further cementing the bullish sentiment that characterized trading activities throughout the week.
Top Gainers and Losers
The market breadth closed positive, with 62 gainers outpacing 25 losers. Leading the gainers' table was Guinness Nigeria, which soared by the maximum daily limit of 10 percent to close at N96.80 per share. Cadbury Nigeria matched this performance with a 10 percent gain, finishing at N60.50 per share.
Other top performers included NEM Insurance, which rose by 10 percent to settle at N22.00, while Consolidated Hallmark Holdings also grew by 10 percent, ending the session at N3.63 per share. Red Star Express rounded out the top gainers with a 9.98 percent increase, closing at N13.44 per share.
On the flip side, Learn Africa led the losers with an 8.66 percent decline, settling at N6.01, while Tantalizer dropped by 6.25 percent, closing at N3.00 per share. Prestige lost 6.02 percent to end at N1.25, and Regalins fell by 5.62 percent, finishing at 84k per share. Oil and gas giant Oando Plc declined by 4.61 percent, closing at N51.70 per share.
Trading Volume and Activity
Trading activity showed significant improvement as investors exchanged a total of 1.39 billion shares worth N30.55 billion across 33,399 transactions on Friday. This represents an increase from the previous day's volume of 1.3 billion shares valued at N27.73 billion traded across 27,875 deals.
Access Corporation dominated the activity chart with 172.92 million shares worth N4.16 billion changing hands. Ellah Lakes followed with 144.9 million shares valued at N1.82 billion, while Ja Paul Gold recorded transactions of 138.74 million shares worth N498.76 million.
United Bank for Africa also saw significant activity with 73.03 million shares valued at N3.15 billion traded, and AIICO Insurance rounded out the top five most active stocks with 60.68 million shares worth N135.71 million.
Market analysts attribute this bullish trend to growing investor confidence in the banking sector and positive sentiment toward consumer goods companies, despite ongoing economic challenges in the country.
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