Emmanuel Ochayi
In an exhilarating market spectacle, the Nigerian equities market notched up its sixth consecutive bullish session, culminating in the All-Share Index surging by 2.04% to an unprecedented 91,896.97 points.
The excitement echoed in the words of seasoned traders, with one exclaiming, “Today’s rally is nothing short of historic. The momentum is electrifying, and it’s reshaping our expectations.”
Join our WhatsApp ChannelFueling this bullish charge were stellar performances in the oil and gas sector, notably Conoil and Eterna, both boasting a 10% gain, closing at N112.20 and N20.90, respectively.
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MRS contributed to the fervor with a 9.57% surge. Investors witnessed heavyweight players Dangote Cement and BUA Cement maintaining their bullish stride, registering gains of 8.27% and 8.96%, closing at N489.90 and N135.00, creating a buzz on the trading floor.
The crowning moment arrived when the equities market cap crossed the historic N50 trillion milestone, adding N2.151 trillion in a single day and closing at N50.290 trillion. In the midst of celebration, a market analyst shared, “This is a pivotal moment, a testament to the resilience and strength of our market. Crossing the N50 trillion threshold is a symbolic triumph.”
Trading volume saw a 7% surge to 1.14 billion units, accompanied by a 22.3% rise in trading value, reaching N19.29 billion.
Market participants were quick to express their sentiments, with one trader commenting, “The volume and value surge demonstrates the widespread participation in today’s rally. It’s not just about the numbers; it’s about the collective enthusiasm.”
The day’s trading was not short of drama, as the top gainers, including CONOIL, ETERNA, NEM, UNITYBNK, JOHNHOLT, and PZ, stole the spotlight. Meanwhile, top losers like IKEJAHOTEL, ROYALEX, MBENEFIT, LINKASSURE, JAPAULGOLD, and NSLTECH faced market headwinds.
As the market closes this historic chapter, traders brace for what tomorrow may bring, riding the wave of success in the Nigerian equities landscape.
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.
