Emmanuel OchayiEquity Market Rises on Major Stocks
The Nigerian equity market saw a notable gain of 0.32 per cent on Thursday, translating to an increase of N178 billion.
Nestle, Flour Mills, and FBN Holdings led the market’s upward movement, with their stocks showing significant improvements on the Lagos Bourse.
Join our WhatsApp ChannelThis growth pushed the All Share Index (ASI) and market capitalisation up, signalling positive momentum in the equity market.
“Investors were encouraged by strong performances from key companies, which pushed the market higher,” said an analyst from a leading investment firm.
Performance of Major Stocks in the Equity Market
FBN Holdings played a critical role in Thursday’s performance, as its stock rose from N24 to N26.40, gaining N2.40 or 10 per cent. This increase placed FBN Holdings at the top of the list of advancing stocks for the day.
Caverton also contributed to the equity market’s success. Its stock climbed from N2.10 to N2.31, recording a rise of 21 kobo or 10 percent.
Flour Mills of Nigeria followed closely, moving from N45.05 to N49.55, which added N4.50 or 9.99 percent to its value.
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Nestle, one of the key players in the market, made a substantial leap from N810 to N890, gaining N80 or 9.88 percent. RT Briscoe also saw an increase, moving from N3.02 to N3.32, rising by 30 kobo or 9.93 percent.
These companies’ performances significantly boosted investor confidence, contributing to the overall rise in the equity market.
Equity Market Trading Activity
At the close of trading on Thursday, the Nigerian Exchange Limited (NGX) All Share Index (ASI) rose from 96,715.04 points to 97,025.17 points, while the market capitalisation jumped from N55.575 trillion to N55.753 trillion.
According to trading data, Access Holdings, FBN Holdings, UBA, Caverton, and Zenith Bank were among the most actively traded stocks. In a total of 9,615 deals, investors exchanged 390,546,861 shares valued at N7.974 billion.
An investment manager shared his insight, saying, “The market has shown resilience, driven by the performance of key stocks. It’s clear that investors are taking notice.”
Equity Market Sentiment Remains Balanced
Looking ahead, market analysts expect broader market sentiment to remain balanced. They believe that risk-averse investors are likely to maintain a cautious stance as they wait for major corporate earnings announcements in the coming weeks.
“While the equity market is showing signs of growth, many investors are still holding back, waiting for corporate results,” noted a market analyst.
The outlook for the market remains optimistic, especially with major players like Nestle, Flour Mills, and FBN Holdings leading the charge. Investors will be watching closely for further market developments.
This surge in the equity market underscores the significant role major stocks play in driving market trends. As key players continue to perform well, the Nigerian equity market may see more growth shortly.
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.
