Bulls return as equity market gains N498bn

The nation’s equity market on Friday returned to bullish run, appreciating by N498 billion as gain recorded by medium and highly capitalised stocks boosted trading activities during the day.

The market capitalisation of listed equities increased by 0.79 per cent to N63.645 trillion from N63.147 trillion reported the previous day.

The NGX All Share Index also appreciated by 810.10 basis points to 103598.30 points from 102788.20 points recorded on Thursday.

The positive performance was supported by gain in the shares of MTN Nigeria, Transpower, AccessCorp, Guinness Nigeria Plc,NGX group, Zenith Bank, Afriprudential, United Bank for Africa, Custodian Insurance and other 25 firms.

As a result year to date return took positive direction standing at 0.66 per cent as 34 listed companies closed in green against 23 closed in red.

An analysis of the investment showed that three companies led gainers table during the day as SCOA Plc, Chellaram and Guinness Nigeria Plc led gainers table appreciating by 10 per cent each to close at N3.96 , N4.07 and N77.00 per share respectively. TransPower followed with a gain of 7.96 per cent to close at N349.80 per unit and Lasaco Insurance added 7.19 per cent to close at N3.28 per share

On the contrary, Neimeth international Pharmaceutical topped losers chart, declining by 9.88 per cent to close at N3.10 per unit, JohnHolt trailed with a loss of 9.78 per cent to close at N8.30 per share, International General Insurance dipped by 9.74 per cent to close at N1.76 per share, Sovereign Trust Insurance fell by 9.40 per cent to closed at N1.06 per unit, Austin Laz declined 9.00 per cent to close at N1.82 per share.

The volume of shares upped by 182.057 million, representing 46.17 per cent as investors traded 576.414 million shares valued at  N8.980 billion in 11546 deals against 394.357 million shares worth N22.777 billion in 12160 deals.

Transactions in the shares NSLTECH led market activities with 202.216 million worth N151.806 million, Nigerian Breweries followed with account of 42.101 million shares worth N1.305 billion, Japaul Gold traded 34.623 million shares worth N79.719 million, AccessCorp exchanged 32.143 million shares valued at N806.977 million while Sovereign Trust Insurance sold a total of 16.991 million shares valued at N18.239 million.

Capital market analysts have predicted that the Nigerian stock market is set for a bullish 2025 as investors position ahead of 2024 financial year results and dividend declarations, especially in the banking sector. 

They said the market performance would depend on key factors, including economic growth trajectory, monetary policy direction, and corporate earnings performance.