Emmanuel OchayiNigeria’s equity market recorded another positive session on Thursday, climbing 0.77% as investors intensified their search for value ahead of the year-end.
The rally, fueled by key gainers like UACN, Aradel Holdings, Honeywell Flour Mills, NAHCO, and MRS, added N467 billion to the market’s capitalization.
Join our WhatsApp ChannelMarket analysts attributed the bullish run to growing investor confidence in key stocks. “We see no signs of a shift in sentiment,” said analysts at Vetiva Research. “The market will likely maintain its upward momentum in the coming sessions.”
Top Performers Lead Equity Market Rally
Among the top-performing stocks, UACN witnessed a 10% increase, rising from N25 to N27.50. Aradel Holdings followed a similar trajectory, climbing from N664 to N730.40, representing a gain of N66.40 or 10%.
Other notable gainers included Honeywell Flour Mills, which rose from N5 to N5.50, adding 50 kobo or 10%. NAHCO’s share price increased from N38.15 to N41.95, gaining N3.80 or 9.96%, while MRS jumped from N159.70 to N175.60, adding N15.90 or 9.96%.
READ ALSO: Nigeria’s Equity Market Sees Fresh Gains As Investors Target Undervalued Stocks
Equity Market Sees Active Trading in Key Stocks
Active trading was seen in several key stocks. Universal Insurance, AIICO, UBA, GTCO, and Prestige Assurance were among the most traded stocks of the day. Investors engaged in 10,260 deals, exchanging 411,374,218 shares worth N26.303 billion.
This high level of trading activity reflects growing interest in the equity market as the year draws to a close. Traders appear focused on seizing value opportunities in the market’s leading stocks.
Market Performance This Week and Month
The Nigerian equity market has maintained an upward trend in recent weeks. For the month, the market has risen by 3.84%, while this week alone, it has recorded a 1.88% increase. This consistent growth has pushed the year’s total return to 35.41%, highlighting strong investor interest in the equity market.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) advanced from the previous day’s low of 100,477.46 points to 101,248.02 points. The total value of listed equities also increased, rising from N60.908 trillion to N61.375 trillion.
Analysts Predict Sustained Positive Sentiment in Equity Market
With the year-end approaching, analysts predict continued positive sentiment in the equity market. “We expect the bullish trend to persist as investors seek value in fundamentally strong stocks,” stated a market analyst.
The positive performance of the equity market reflects investor confidence in Nigeria’s economic outlook and the potential for strong returns on investment. As trading activity intensifies, stakeholders remain optimistic that the market’s growth trajectory will continue into the new year.
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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