The Nigerian stock market extended its bullish momentum, recording a substantial N211.84 billion increase in market capitalization driven by strong investor demand for banking stocks, particularly Guaranty Trust Holding Company.
The Nigerian Exchange Limited All Share Index gained 335.74 basis points or 0.28 percent, closing at 121,989.67 points compared to the previous day’s 121,653.93 points. Market capitalization rose to N76.970 trillion from N76.758 trillion, reflecting renewed investor confidence in the Nigerian equities market.
Guaranty Trust Holding Company led the gainers with a 2.39 percent increase, adding N2.05 per share to close at N88.00. The bank’s positive performance follows management’s announcement of plans to raise $105 million through new ordinary shares while canceling its Global Depository Receipts listing on the London Stock Exchange.
Zenith Bank also contributed significantly to the market rally, appreciating 2.97 percent or N1.70 per share to close at N59.00. The banking sector’s strong performance reflects investor confidence in the sector’s capacity to capitalize on the current high interest rate environment.
Sectoral analysis revealed broad-based gains across major indices. The NGX Insurance index advanced 2.5 percent, while NGX Industrial Goods appreciated one percent and NGX Banking increased 0.5 percent. However, NGX Consumer Goods and NGX Oil & Gas both declined marginally by 0.1 percent each.
Market breadth remained strongly positive with 59 gainers significantly outpacing 21 decliners, indicating widespread buying interest across various sectors. Seven companies, including Omatek Ventures, RT Briscoe Nigeria, and Red Star Express, recorded the maximum daily gain of 10 percent.
“We anticipate the bourse to sustain the positive momentum, anchored on buoyant investor sentiment,” stated analysts at Afrinvest Limited, expressing optimism about continued market performance.
Trading activity showed mixed results with total volume declining 11.84 percent to 888.703 million units, valued at N15.610 billion across 24,303 deals. Japaul Gold & Venture topped the activity chart with 137.339 million shares traded, followed by Access Holdings with 83.040 million shares.
The market’s Year-to-Date returns now stand at positive 18.5 percent, while Month-to-Date returns reached 1.7 percent, indicating sustained investor interest in Nigerian equities despite global market uncertainties.
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