The Nigerian equities market extended its positive run yesterday, with gains in 28 stocks lifting total market capitalisation by N3 billion.
The All-Share Index (ASI) edged up by 4.62 points, or 0.003 per cent, to close at 149,437.88 points, while total market capitalisation rose to N95.267 trillion from N95.264 trillion.
The market’s upbeat performance was driven by price appreciation in large- and medium-cap stocks, including Guinness Nigeria, Eunisell Interlinked, MeCure Industries, First Holdco and Berger Paints.
Commenting on the outlook for the week, United Capital Plc said the equities market is likely to sustain measured optimism, supported by broad-based sectoral gains.
“The Nigerian equity market may continue to experience measured optimism this week. Broad-based gains, particularly in banking, ICT, food and beverages, and building materials, alongside sustained NGX-ASI momentum, could support positive investor sentiment,” the firm said.
It added that an improving trade surplus and relative stability in the exchange rate could further boost confidence, though investors would continue to monitor import growth relative to exports to assess external risks.
Sectoral performance was mixed. The banking index led the gainers, rising by 0.89 per cent, followed by insurance, which advanced 0.87 per cent. Consumer goods and oil and gas indices declined by 0.79 per cent and 0.05 per cent respectively, while the industrial and commodities sectors closed flat.
Market sentiment remained bullish, as advancers outnumbered decliners by 28 to 23. Sovereign Trust Insurance topped the gainers’ chart, rising by 10 per cent to close at N3.74 per share. Guinness Nigeria followed with a 9.96 per cent gain to close at N239.50, while MeCure Industries appreciated by 9.88 per cent to close at N41.70.
AIICO Insurance gained 9.86 per cent to close at N3.79, while First Holdco also rose by 9.86 per cent to close at N34.55.
