The Nigerian equities market hit N88 trillion yesterday as investors’ wealth surged by N864 billion, following impressive earnings scorecards from listed companies.
The All Share Index (ASI) gained by 1,365.8 points, representing a growth of 0.99 per cent to close at 139,278.67 points. Also, market capitalisation gained N864 billion to close at N88.055 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are MTN Nigeria Communications (MTNN), Lafarge Africa, NASCON Allied Industries, UACN and Dangote Sugar Refinery.
On market outlook, Afrinvest Limited said: “We expect the bullish trend to persist in the absence of any negative triggers.”
Analysts at Vetiva Dealings and Brokerage said “Tomorrow’s (today) session will hinge on Q2 earnings; investors will be watching whether these key releases can sustain the ASI’s break above 139,000 pts.
“Technical support sits at 138,500–138,800 pts, where any dip should attract selective buy‑on‑dips, while a clean beat could propel the index toward 139,500–140,000 pts. Rotation into financials on heavy volume and follow‑through in recent industrial breakouts like WAPCO will set the tone for broad‑based participation tomorrow.”
Investor sentiment remained upbeat, as reflected in the positive market breadth as 39 stocks advanced while 32 declined. Multiverse Mining & Exploration and Royal Exchange recorded the highest price gain of 10 per cent each to close at N9.90 kobo and N1.54 respectively.
NPF Microfinance Bank, Berger Paints Nigeria and Dangote Sugar Refinery up by 9.97 per cent each to close at N3.42, N37.50 and N71.15 kobo respectively, while UACN gained 9.94 per cent to close N73.
On the other hand, Abbey Mortgage Bank and FTN Cocoa Processors led the losers’ chart by 10 per cent each to close at N6.48 and N6.30 respectively, while LivingTrust Mortgage Bank followed with a decline of 9.97 per cent to close at N6.59 kobo.
SUNU Assurance depreciated by 9.61 per cent to close at N4.14, while Consolidated Hallmark Holdings declined by 7.78 per cent to close at N3.20 kobo.
Also, the total volume traded rose by 15.89 per cent to 922.031 million units, valued at N35.397 billion, and exchanged in 36,423 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 90.397 million shares valued at N1.899 billion.
Access Holdings followed with 43.051 million shares worth N1.19 billion, while UACN traded 32.985 million shares valued at N2.078 billion.
Universal Insurance traded 32.294 million shares valued at N26.048 million, while FCMB Group sold 31.806 million shares worth N328.405 million.
