The Nigerian stock market sustained its bullish trajectory on Thursday, with investors recording a gain of N1.663 trillion as market capitalisation climbed to N136.435 trillion.
The rally was driven by price appreciation in several equities, including Guinea Insurance, Trans-Nationwide Express, Aradel, Ecobank Transnational Incorporated and Daar Communications, alongside over 40 other stocks.
Market capitalisation rose by 1.23 per cent, increasing from N134.772 trillion at the opening of trading to N136.435 trillion at the close.
Similarly, the All-Share Index (ASI) advanced by 2,583.61 points or 1.23 per cent to settle at 211,901.02, compared to 209,317.41 recorded in the previous session.
The Year-To-Date (YTD) return also strengthened to 36.17 per cent, while market breadth remained positive with 45 gainers against 20 losers.
On the gainers’ chart, Trans-Nationwide Express and Guinea Insurance led with 10 per cent gains each, closing at N5.50 and N1.21 per share respectively.
Aradel rose by 9.99 per cent to N1,547.50, while Ecobank Transnational appreciated by 9.97 per cent to N61.20. Daar Communications also gained 9.93 per cent to close at N1.66 per share.
Conversely, Ikeja Hotel topped the losers’ chart with a 9.73 per cent decline to N33.40 per share. Wapic Insurance fell by 8.77 per cent to N2.60, while Chemical and Allied Products dropped by 8.61 per cent to N95 per share.
Also, International Energy Insurance declined by 8.18 per cent to N3.03, and McNichols shed 5.82 per cent to close at N6.31 per share.
Despite the positive performance, market activity weakened as total volume traded fell by 17.19 per cent to 584.96 million shares valued at N34.76 billion across 45,559 transactions.
Zenith Bank led the activity chart, recording the highest volume and value with 61.74 million shares worth N7.60 billion, accounting for 10.55 per cent and 21.86 per cent of total volume and value, respectively.
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Commenting on the trend, Tajudeen Olayinka, Chief Executive Officer of Wyoming Capital and Partners, said the sustained rally has attracted renewed investor participation.
He noted that prolonged market uptrends typically boost liquidity as both new and previously inactive investors re-enter the market to take advantage of emerging opportunities.
Olayinka added that the rally is being driven by a mix of local and foreign investors, drawn by attractive yields and strong corporate earnings, despite prevailing economic challenges.
He said robust financial performances by listed companies have further reinforced investor confidence, sustaining the market’s upward momentum.
