Nigerian stock market gains N1.4 trillion as NGX All Share Index rises 1.28%, driven by strong Q4 earnings from major companies
The Nigerian stock market closed on a strong note yesterday, with investors gaining N1.4 trillion, buoyed by robust fourth-quarter earnings reports from key companies.
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The Nigerian Exchange Limited All Share Index (NGX ASI) rose by 2,128.61 points, or 1.28 per cent, to close at 168,030.18 points, while market capitalisation increased to N107.861 trillion.
The upswing was driven by gains in medium and large-cap stocks, including Aradel Holdings, MTN Nigeria Communications, Skyway Aviation Handling Company, Lafarge Africa, and Dangote Cement.
Market sentiment remained positive, with 53 gainers surpassing 26 losers. Berger Paints Nigeria, Daar Communications, R.T. Briscoe, and Fortis Global Insurance led price gains with 10 per cent increases to close at N66.00, N1.87, N10.45, and 22 kobo per share, respectively.
First HoldCo followed with a 9.92 per cent gain to close at N48.75, while Zichis Agro-Allied Industries rose 9.88 per cent to N5.56 per share.
Conversely, DEAP Capital Management & Trust and Red Star Express led the losers’ chart, each falling 9.97 per cent to close at N6.86 and N17.15 per share.
McNichols, eTranzact International, and Omatek Ventures also declined between 9.89 and 9.93 per cent.
Trading volume dipped 5.66 per cent to 694.788 million units, valued at N20.569 billion, across 42,095 deals. Chams Holding Company dominated activity with 57.444 million shares worth N256.313 million.
Universal Insurance followed with 56.223 million shares valued at N88.757 million, while First HoldCo traded 35.330 million shares worth N1.671 billion.
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On market outlook, analysts at Futureview Group predicted a narrow trading range, noting that gains may occur in select stocks benefiting from positive earnings or news.
Mariam Balogun is a contributor to Freelanews.com, covering news, business, and public affairs.
