The Nigerian Exchange Ltd observed a noteworthy upswing in the All-Share Index on Thursday, experiencing an ascent of 891.31 points or 1.21%, concluding at 74,289.02, a considerable increase from Wednesday’s 73,397.71. Simultaneously, the market capitalization recorded a significant upturn, surging by N487.74 billion or 1.21% to reach N40.653 trillion, as opposed to the previous N40.165 trillion.
The market’s optimistic performance was fueled by heightened demand for shares of key companies such as MTN Nigeria, Okumu Oil, Transcorp, Zenith Bank, and United Bank of Africa (UBA), among others. Consequently, the Year-to-Date (YTD) return soared to 44.95%, standing at 23,037.96.
Market breadth concluded on a positive note, with 48 stocks witnessing an increase and 17 stocks experiencing a decline. Noteworthy gainers included Industrial and Medical Gas with a 10% rise, Transcorp Hotel registering a 10% surge, and Okumu Oil recording a 9.96% increase.
On the flip side, Johnholt led the list of losers with a 10% decline, while Ellahlakes and TrippleG saw declines of 9.94% and 9.66%, respectively.
Market activities for the day saw a slightly higher trade turnover compared to the previous session, with the transaction value increasing by 1.54%. A total of 760.93 million shares valued at N13.03 billion were traded in 7,990 deals.
Abbey Mortgage Bank led in volume, with 224.08 million units traded, while Nestle topped the value chart with transactions worth N2.65 billion.
This positive trend in the stock market reflects investor confidence, optimism, and increased trading activity within the Nigerian equities market.
