Investors Pocket N577.72bn, ASI Surges 105bps as YTD Return Hits 31.22%

Samuel Mobolaji

The Nigerian stocks market continued its upward momentum yesterday, as equities inestors gained N577.72 billion, with the NGX All-Share Index (ASI) rising by 105 basis points (bps) to close at 98,116.27 points.

This positive movement positions the index for a potential weekly gain. Strong buying interest in key stocks like MTNN (+10.00 per cent), GTCO (+2.22 per cent), and ZENITHBANK (+2.70 per cent) fueled the market’s performance, offsetting losses in WAPCO (-0.54 per cent) and DANGSUGAR (-1.88 per cent).

As a result of today’s gains, the year-to-date (YTD) return for the index increased to 31.22 per cent, while the market capitalization surged by N577.72 billion, closing at N55.71 trillion.

Market activity was robust, with a notable uptick in trade turnover, which rose by 18.45 per cent compared to the previous session.

Analysis of the fourth trading session of the week, showed that investors exchanged a total of 791.78 million shares valued at N15.13 billion across 9,059 deals. NEM (+0.00 per cent) led the volume chart with 187.51 million shares traded, while GTCO once again topped the value chart, with trades worth N5.06 billion.

To this end, market breadth remained positive, with advancing stocks outpacing decliners at a ratio of 1.78-to-1. MTNN (+10.00 per cent) led the list of 31 gainers, while UCAP (-9.94 per cent) topped the laggards, which included 17 other stocks.