The Nigerian Exchange reached a historic milestone on Thursday as market capitalization soared to an unprecedented N50.289 trillion. Eterna Plc, Conoil Plc, Nem Insurance, and John Holt Plc emerged as the top gainers, each appreciating by 10 percent amidst the bullish rally that has characterized recent trading sessions.
The All-Share Index, which surpassed the landmark 90,000 points on Wednesday, continued its upward trajectory, surging by 2.04 percent to close at 91,896.97 basis points. Year-to-date gains for the index have now climbed to an impressive 22.90 percent, reflecting robust investor confidence and market optimism.
Thursday’s trading session witnessed a substantial influx of equity investors, with gains totaling N1.01 trillion by session’s end. Notable stocks such as Transcorp, Universal Insurance Plc, VeritasKap, Jaiz Bank, and Guaranty Trust Holding Company Plc attracted significant attention, with trading volumes reaching approximately 469,890,749 units valued at about N6.191 billion.
While trading activity surged, with both the value and number of deals on the exchange experiencing notable increases, the volume of traded units dipped slightly by 12.16 percent to N1.140 billion. However, market sentiment took a cautious turn as the number of declining stocks outnumbered gainers, signaling a shift towards negative sentiment.
Leading the losers’ chart were Ikeja Hotel, Royal Exchange, Mutual Benefits, Linkage Assurance, and JapualGold, each experiencing significant declines. Sectoral performance exhibited a mixed sentiment, with banking and insurance indexes witnessing declines, while consumer goods, oil & gas, and industrial goods indexes recorded gains.
Notably, the positive movement in the consumer goods, oil & gas, and industrial goods sectors was attributed to gains in companies such as Conoil, Eterna, PZ Cussons, May & Baker, and BUA Cement, highlighting sector-specific resilience amidst broader market volatility.
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