Emmanuel OchayiThe equity market continued its upward momentum on Thursday, marking the fourth consecutive trading day of gains, with investors earning approximately N259 billion.
The Nigerian Exchange’s benchmark index rose by 0.46%, closing at 99,276.03 points, while the market capitalisation reached N56.16 trillion.
Join our WhatsApp ChannelA day prior, the market saw a similar uptick, with investors gaining about N246 billion. This was driven by the strong performances of companies such as Abbey Mortgage Bank, National Salt Company, and First City Monument Bank, among others. In total, 32 stocks appreciated, while only 12 declined, highlighting a robust trading session.
Notable Performances and Market Activity
International Energy Insurance and Seplat Energy emerged as top gainers, each adding 10% to their share prices, closing at N1.54 and N3.410, respectively. Eterna also saw a significant rise, with a 9.87% increase, ending the day at N12.25.
Conversely, Cornerstone Insurance led the list of decliners, losing 8.81% to close at N1.75. International Breweries Plc followed closely, shedding 8.75% to finish at N3.65, and Prestige Assurance Company dipped 8.47% to N0.54.
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Despite the overall positive trend, the number of deals fell by 9.59% to 7,035, and the trading volume decreased by 40.32%, amounting to 309,714,120 shares traded. This mixed trading activity reflects a cautious but optimistic sentiment among investors.
Insights from Market Leaders
“Today’s rally is a testament to the growing confidence in the Nigerian equity market,” said a senior analyst at a leading brokerage firm. “Investors are responding positively to the stability and growth prospects of key sectors.”
Access Holdings topped the volume chart with 51,777,439 shares traded in 754 deals, showing strong investor interest. Zenith Bank was the most traded security by value, amounting to N1.31 billion in 509 deals.
Investor Sentiment and Future Outlook
Market experts believe that the sustained rally is a sign of renewed investor confidence in the Nigerian economy. “We’re seeing a lot of interest in the financial and energy sectors, which are driving the market forward,” noted another market analyst. “The consistent gains over the past few days are encouraging, and we expect this trend to continue if the macroeconomic conditions remain favorable.”
The recent gains come amid broader economic indicators pointing towards recovery and growth. Investors are closely watching for policy signals and corporate earnings reports that could further influence market dynamics.
As the equity market extends its rally for the fourth consecutive day, investors remain optimistic about future prospects. With key sectors showing strong performance and investor confidence on the rise, the Nigerian Exchange is poised for continued growth.
However, the market will need to navigate potential challenges ahead, including global economic uncertainties and domestic policy changes.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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