By Seun Ibiyemi
The Nigerian equities market extended its positive run on Thursday, adding about N2.093 trillion to investors’ wealth as sustained buying interest in blue-chip stocks continued to drive market gains.
The rally was largely supported by strong demand for stocks such as UAC of Nigeria, Unilever Nigeria, Trans-Nationwide Express, Tantalizers, and Dangote Sugar Refinery, alongside several other mid- and large-cap equities.
Market capitalisation rose by 1.48 per cent, increasing from N141.384 trillion to N143.477 trillion. Similarly, the All-Share Index advanced by 3,250.76 points to close at 222,837.68, compared to the previous 219,586.92, reflecting the same percentage gain.
Consequently, the Year-to-Date (YTD) return climbed to 43.20 per cent, reinforcing investor confidence in the market’s bullish trajectory.
However, market breadth closed negative, with 34 losers against 31 gainers. On the losers’ chart, McNichols led with a 9.93 per cent decline, followed by Multiverse Mining, which shed 9.85 per cent. WAPIC Insurance fell by 9.26 per cent, Abbey Mortgage Bank dropped 9.24 per cent, while Ja Paul Gold lost 5.94 per cent.
On the gainers’ side, UAC of Nigeria and Unilever Nigeria led with the maximum 10 per cent gain each. Trans-Nationwide Express rose 9.97 per cent, Tantalizers gained 9.80 per cent, while Dangote Sugar Refinery advanced 9.78 per cent.
Trading activity, however, declined slightly as total volume dropped by 2.30 per cent to 667.94 million shares, valued at N38.12 billion across 53,062 deals.
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Access Holdings led in volume traded with 39.51 million shares, while MTN Nigeria dominated value traded at N5.31 billion.
Commenting on the market performance, Dr Bennett Eze, Head of Research and Development at the Chartered Institute of Stockbrokers, said the N2.093 trillion gain reflected sustained bullish momentum driven by strong buying interest in fundamentally sound stocks, particularly in the banking and industrial sectors.
He attributed the rally to improved investor confidence, liquidity inflows from portfolio rebalancing away from low-yield fixed income instruments, and positioning ahead of anticipated first-quarter corporate earnings.
Eze noted that the market is expected to maintain positive momentum in the short term, though intermittent profit-taking may emerge as investors lock in gains following recent price appreciation.
