Nigerian equities market extended its bullish momentum on Thursday, driven by renewed investor interest in large-cap stocks and optimism ahead of third-quarter corporate earnings releases.
The NGX All-Share Index, ASI, rose by 0.49 percent to close at 154,489.90 basis points, while market capitalisation advanced by N478.26 billion to N98.06 trillion.
This lifted the year-to-date return to 50.10 percent, from 49.37 percent in the previous session, underscoring the market’s sustained strength.
Gains in key bellwethers such as MTN Nigeria, which appreciated by 2.00 percent, Lafarge Africa, which gained 8.63 per cent, Dangote Cement, went up by 1.61 per cent, BUA Cement, advanced by 2.91 percent, and Aradel Holdings, gained 3.90 per cent.
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Despite the positive index close, overall sentiment leaned cautious as decliners outnumbered gainers. Market breadth closed negative, with 34 gainers and 37 losers.
Top gainers included TIP, which rose by 10.00 percent, PZ Cussons, also up 10.00 percent, ASO Savings, CAP Plc, and WAPCO.
On the laggards’ side, John Holt and Multiverse both shed 9.71 percent, while Stanbic IBTC dropped 9.15 percent, Nigerian Breweries declined 7.83 percent, and UPDC Real Estate Investment Trust lost 6.45 per cent.
Performance across key sectors was mixed, as strong gains in industrial and energy stocks offset weakness in financials and consumer goods.
The Industrial Goods Index led the gainers’ chart, advancing 3.09 percent on the back of solid performances by WAPCO, Dangote Cement, and BUA Cement.
The Oil & Gas Index followed with a 1.13 percent rise, buoyed by renewed buying interest in Aradel and select mid-tier energy counters.
Conversely, the Insurance, Banking, and Consumer Goods indices declined by 1.27 percent, 1.06 percent, and 0.94 percent, respectively, as investors booked profits from recent rallies.
Investor participation strengthened notably, as market turnover surged across board.
The volume of shares traded jumped 57.24 percent to 926.92 million units, while the value of transactions climbed 12.25 per cent to N26.95 billion, exchanged in 30,703 deals, reflecting increased liquidity and market depth.
Japaul Gold & Ventures Plc led the activity chart by volume with 436.05 million units, while Lafarge Africa topped the value chart with trades worth N6.98 billion.
Market analysts attribute the continued rally to improving investor confidence, underpinned by attractive valuations in blue-chip stocks, supportive macroeconomic indicators, and upbeat earnings expectations.
However, they caution that the negative market breadth suggests potential for intermittent profit-taking, particularly in the financial and consumer goods sectors.
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