Stocks Strengthen as NGX Market Capitalization Rises by N138bn

Nigerian equities ended Thursday’s trading session on a positive note, with the total market capitalisation of the Nigerian Exchange Limited rising by N138bn, reflecting modest investor optimism despite mixed sectoral performance.

At the close, total market capitalisation increased to N102.82tn from N102.68tn in the previous session, marking a gain of N138bn. The All-Share Index added 214.80 points, or 0.13 per cent, to close at 160,806.56 points, up from 160,591.76 points recorded on Wednesday.

Market activity showed moderation, with 645.02 million shares valued at N16.42bn traded across 44,380 deals. This represented a 19 per cent decline in turnover and a 10 per cent drop in the number of deals compared with the prior session, signalling cautious participation by investors.

Market breadth was negative, as 41 stocks fell against 32 gainers, indicating profit-taking in several counters despite the slight improvement in headline indices. Among the top gainers, Neimeth International Pharmaceuticals led with a 10.00 per cent increase to close at N7.70 per share, followed by May & Baker Nigeria, up 9.85 per cent to N26.20; E-Tranzact International, up 9.64 per cent to N13.65; and Multiverse Mining and Exploration, which rose 9.51 per cent to N21.30. On the losers’ chart, International Energy Insurance fell 9.90 per cent to N2.73 per share, Associated Bus Company dropped 9.88 per cent to N4.47, Austin Laz & Company lost 9.84 per cent to close at N4.58, while Conoil declined 9.72 per cent to N169.00.

In terms of trading volume, Chams recorded the highest activity with 60.46 million shares exchanged, followed by Linkage Assurance with 54.11 million shares, Tantalizers with 44.96 million shares, and Access Holdings with 35.52 million shares. Zenith Bank led by value, with N1.51bn worth of shares traded, followed by Seplat Energy at N1.20bn, Unilever Nigeria at N1.20bn, and Guaranty Trust Holding Company at N1.01bn.

Analysts noted that the modest gain in market capitalisation reflects selective bargain hunting, as investors remain cautious ahead of corporate earnings reports and in light of evolving macroeconomic conditions.