The Nigerian equities market sustained its bullish momentum on Thursday, as renewed buying interest in large-capitalisation stocks pushed the benchmark index deeper into record territory.
The Nigerian Exchange Limited All-Share Index rose by 1.18 per cent to close at 170,005.36 points, while market capitalisation expanded by N1.27 trillion to N109.13 trillion. The sustained rally lifted the Month-to-Date return to 2.8 per cent and strengthened the Year-to-Date return to 9.25 per cent, reflecting growing investor confidence.
Buying pressure was concentrated in key stocks such as MTN Nigeria Communications Plc, which gained 3.7 per cent, Seplat Energy Plc, which surged by the maximum 10.0 per cent, Dangote Cement Plc, which added 1.6 per cent, and First HoldCo Plc, which advanced by 2.1 per cent.
Market breadth remained firmly positive, with advancing stocks outnumbering decliners by nearly three to one. A total of 55 equities closed higher against 19 losers. Leading the gainers were Coronation Insurance Plc, Seplat Energy Plc, Prestige Assurance Plc, R.T. Briscoe (Nigeria) Plc, Neimeth International Pharmaceuticals Plc, and Guinea Insurance Plc. On the downside, DEAP Capital Management & Trust Plc, Universal Insurance Plc, Haldane McCall Plc, Red Star Express Plc, and UPDC Plc recorded the steepest price declines.
Sectoral performance was broadly positive. The Oil and Gas Index topped the chart with a 4.68 per cent gain, followed by the Commodities Index, which advanced by 2.52 per cent. The Industrial Goods Index rose by 0.79 per cent, the Banking Index gained 0.64 per cent, and the Consumer Goods Index edged up by 0.11 per cent. In contrast, the Insurance Index declined by 0.31 per cent due to selloffs in select underwriting stocks.
Trading activity strengthened significantly, with total volume traded rising by 2.62 per cent to 712.98 million shares, valued at N22.26 billion, and exchanged in 46,104 deals. Access Holdings Plc emerged as the most actively traded stock by volume, with 106.63 million shares changing hands, while Geregu Power Plc led trading by value, recording transactions worth N2.80 billion.
Overall, analysts said the sustained inflow of funds into fundamentally strong stocks continues to underpin the market’s positive trajectory, as investors position ahead of earnings releases and macroeconomic developments.
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