The Nigerian equities market sustained its bullish momentum on Thursday, with investors recording an impressive N1.7 trillion gain as market capitalisation advanced close to N124 trillion.

At the close of trading on the Nigerian Exchange (NGX), key performance indicators appreciated by 1.39 per cent, reflecting renewed buying interest in mid-cap and blue-chip stocks. The benchmark All-Share Index rose by 2,645.61 basis points to settle at 193,073.57 points, while market capitalisation increased by N1,698.23 billion to close at N123.93 trillion.

Market sentiment remained broadly positive, underpinned by sustained demand across major sectors. Notable gainers included Okomu Oil Palm Company Plc, Stanbic IBTC Holdings Plc, Presco Plc, Vitafoam Nigeria Plc, and First Holdco Plc, among others, which drove the upward trajectory of the bourse.

Market breadth closed firmly positive with 51 gainers against 25 losers.

On the gainers’ table, Deap Capital Management & Trust Plc, FTN Cocoa Processors Plc, and Okomu Oil Palm Company Plc recorded the maximum allowable daily gain of 10.00 per cent each. They were closely trailed by Infinity Trust Mortgage Bank Plc and Zichel Industries Limited, which rose by 9.96 per cent apiece, alongside Japaul Gold & Ventures Plc, which appreciated by 9.91 per cent, Mutual Benefits Assurance Plc, which gained 9.80 per cent, and Skyway Aviation Handling Company Plc, which advanced by 9.52 per cent, in addition to 43 other advancing stocks.

Conversely, 25 stocks closed in negative territory. McNichols Plc, Multiverse Mining and Exploration Plc, NSL Tech Plc, and Tripple Gee & Company Plc topped the losers’ chart with a 10.00 per cent decline each. Other laggards included Meyer Plc, John Holt Plc, Omatek Ventures Plc, AXA Mansard Insurance Plc, and FTN Cocoa Processors Plc.

Sectoral performance was largely upbeat, led by the banking index which advanced by 2.62 per cent. The consumer goods sector rose by 0.54 per cent, insurance gained 0.50 per cent, while industrial goods edged higher by 0.29 per cent. The oil and gas sector was the lone decliner, slipping marginally by 0.11 per cent.

However, trading activity presented a mixed picture. Total volume and value of shares traded declined significantly by 75.51 per cent and 37.82 per cent, respectively. According to Atlass Portfolio Limited, a total of 898.48 million units valued at N38.48 billion were exchanged in 61,953 deals during the session.

In terms of volume, Japaul Gold & Ventures Plc led the activity chart, accounting for 8.96 per cent of total traded volume, followed by NSL Tech Plc with 8.03 per cent, Mutual Benefits Assurance Plc with 6.56 per cent, Zenith Bank Plc with 5.95 per cent, and Guaranty Trust Holding Company Plc with 5.89 per cent. On the value chart, Guaranty Trust Holding Company Plc dominated, accounting for 16.16 per cent of the total value of executed trades.

Overall, the session underscored sustained investor confidence in fundamentally sound counters, as the NGX inches closer to the N124 trillion market capitalisation milestone. (Nigerian Tribune)

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