Ikeja Hotel, Neimeth, Omatek Top Gainers As Nigerian Equities Market Gains N30bn

Investors in the Nigerian Equity Market revelled in a positive turn of events, reaping gains amounting to N30 billion by the close of Friday’s trading session.

This bullish rally, defying recent market volatility, witnessed a rise in market capitalization from N39.052 trillion to N39.082 trillion, marking an encouraging uptick in investor confidence.

The All-Share Index (ASI) echoed this optimistic trend, showcasing a 54.6 basis point surge, climbing from 71,365.25 to 71,419.87 on Friday, buoying spirits within the trading community.

Although the market turnover witnessed a slight dip to N10.22 billion from N10.24 billion, the day witnessed significant activity.

READ ALSO: ASI Hits 0.34% As Nigerian Market Capitalization Rises To Over N39 Trillion

Among the 5640 deals made, 36 stocks advanced, including notable names like Ikeja Hotel, Neimeth Pharmaceutical, and Unity Bank, each boasting a 10% growth, closing at N4.62, N1.87, and N1.54 respectively.

Omatek Ventures, Thomas Wyatt, and UPDC REIT were also among the gainers, experiencing increases of 9.86%, 9.65%, and 8.54% in their share prices, signaling a positive sentiment among investors towards these entities.

However, amidst the surge, some stocks experienced declines. Sunu Assurances Nigeria led the decliners, shedding 10% of its share price to close at N1.26. UAC Nigeria, McNichols, and Cadbury Nigeria also faced setbacks, marking drops of 9.76%, 9.64%, and 7.49% in their share prices respectively.

The day’s trading saw volume and value shifts. Universal Insurance led in volume, trading 44.079 million shares valued at N17.7 million in 79 deals.

Jaiz Bank followed closely, trading 35.394 million shares worth N53.5 million in 203 deals. Access Bank Holdings completed the top three in traded shares, with 23.903 million shares valued at N430.2 million in 286 deals.

In terms of traded value, Dangote Cement took the lead, trading shares worth N5.28 billion in 85 deals, followed by Seplat with N1.73 billion in 58 deals and Access Corp with N430 million in 286 deals.

The surge in certain stocks, despite the market’s recent turbulence, signals renewed investor confidence and sets an optimistic tone for potential market stability and growth in the near term.