Equities market extends gaining streak as investors gain N960bn

Equities investors gained about N960 billion on Thursday as sustained buying interest in banking and consumer goods stocks lifted the Nigerian Exchange (NGX) market capitalisation to N156.55 trillion.

The bullish momentum pushed the NGX All-Share Index (ASI) higher by 0.62 per cent to close at 243,958.73 points, up from 242,459.98 points recorded in the previous session, while the market’s year-to-date return improved to 56.77 per cent from 55.81 per cent.

The rally was driven by strong price appreciation in First HoldCo Plc, International Breweries Plc and Honeywell Flour Mills Plc, which gained 9.96 per cent, 10.00 per cent and 9.68 per cent, respectively.

The gains outweighed losses recorded by Geregu Power Plc, Neimeth International Pharmaceuticals Plc and United Bank for Africa Plc, which declined by 10.00 per cent, 8.16 per cent and 6.53 per cent, respectively. Market activity also strengthened significantly, with the volume of shares traded surging by 219.45 per cent to 165.61 million units, while the value of transactions jumped 392.14 per cent to N111.98 billion.

First HoldCo dominated trading, accounting for the highest volume and value after investors exchanged 12.58 million shares worth N85.61 billion, highlighting strong institutional interest in the stock.

Market breadth remained positive at 1.08x, as 28 stocks recorded gains against 26 losers, underscoring sustained investor appetite despite profit-taking in selected counters.

Meanwhile, activity on the NASD Over-the-Counter (OTC) market was bearish. The NASD Security Index (NSI) fell by 1.19 per cent to 4,199.48 points, dragging market capitalisation down to N2.52 trillion and reducing the year-to-date return to 18.50 per cent.

Despite the decline, trading activity on the OTC platform strengthened sharply, with traded volume soaring by 14,965.35 per cent and transaction value rising 528.09 per cent to N68.17 million, as 23.94 million shares changed hands in 30 deals.

On the foreign exchange market, the Nigerian Foreign Exchange Market (NAFEM) recorded a marginal appreciation, with the naira strengthening by 0.05 per cent to close at N1,378.43/$, compared with N1,379.07/$ in the previous session.