The Nigerian equities market maintained its bullish momentum on Friday as the total market capitalisation surged past the N85 trillion threshold, bringing significant value appreciation to investors. The capital market added N793 billion in valuation, climbing 0.94% to end the day at N85.055 trillion, compared to the N84.262 trillion recorded in the previous session.
The All-Share Index (ASI) followed suit, advancing by 1,252.93 points or 0.94% to close at 134,452.93 points. The rally was driven by a surge in demand for stocks such as Champion Breweries, Ikeja Hotel, Unilever Nigeria, Enamelware, and The Initiates, among 43 other bullish equities.
With the market breadth firmly positive, 48 gainers outpaced 22 declining stocks. Champion Breweries topped the gainers’ chart with a 10% gain, closing at N12.32. Ikeja Hotel also rose by 10%, ending at N23.10. Unilever Nigeria matched the 10% increase, wrapping up at N68.20. Enamelware climbed by 9.98% to close at N27, while The Initiates Plc saw a 9.95% boost to settle at N16.13.
Meanwhile, on the losers’ board, Tripple Gee took the biggest hit, shedding 10% to end at N3.51 per share. Tantalizer declined by 8.55%, settling at N2.46. Sunu Assurances dropped 6.64% to N4.64, while Ecobank Transnational Incorporated lost 5.88%, finishing at N32. Neimeth International Pharmaceutical saw a 4.55% drop, closing at N6.50.
In trading activity, 713.7 million shares worth N24.2 billion were exchanged across 24,880 deals. This was a slight drop from the previous session’s 818.39 million shares worth N22.67 billion traded across 22,955 transactions. Access Corporation led the activity chart with 42.4 million shares valued at N1.18 billion.
Other top trades included Universal Insurance, which posted 40.7 million shares worth N29.7 million; Tantalizer with 32.2 million shares worth N83.1 million; Guaranty Trust Holding Company with 28.7 million shares worth N2.7 billion; and Ellah Lakes, which exchanged 26.3 million shares valued at N260.5 million.
Commenting on the market performance, David Adonri, Vice President at Highcap Securities, noted that the bourse has remained bullish, albeit with reduced momentum. “The positive movement is largely driven by gains in Okomu Oil and Presco, underpinned by impressive half-year results and an interim dividend announcement,” he explained.
He added that equities across all sectors saw gains, with no sector recording losses, buoyed by the stable outcome of the Monetary Policy Committee (MPC) meeting and consistent corporate disclosures.
