Equities Market Sustains Bullish Run as Investors Gain N471.37bn

Samuel Mobolaji

The equities market continued its bullish momentum as the All-Share Index (ASI) climbed by 75 basis points (bps) to close at 103,137.99 points. The rally was driven by investor reactions to the recent 50 per cent tariff hike announced by the Nigerian Communications Commission (NCC).

Telecommunications heavyweight MTN Nigeria (MTNN) surged by 10.00 per cent, contributing significantly to the market’s gains. Tier-one banks GTCO (+1.72%), ZENITHBANK (+0.43%), and ACCESSCORP (+0.41%) also advanced, offsetting losses recorded by OANDO (-2.70%) and FBNH (-1.54%).

The market capitalisation rose by N471.37bn to close at N63.33tn, pushing the year-to-date (YTD) return to 21 bps, reversing its previous negative position of 54 bps.

Trading activity, however, dipped as turnover declined by 32.24 per cent compared to the previous session. Investors exchanged 440.32 million shares valued at N11.97bn in 13,087 deals. LASACO led the volume chart with 108.04 million shares traded, while SEPLAT topped the value chart with transactions worth N3.54bn.

Market breadth remained positive, with a 1.08-to-1 ratio as 28 stocks advanced while 26 declined. MTNN (+10.00%) led the gainers, while NSLTECH (-9.88%) topped the laggards’ table.

Investors remain optimistic as the market capitalisation continues its upward trajectory, driven by key sectoral performers.