Emmanuel Ochayi
In a continued display of bullish momentum, the Nigerian Exchange Limited witnessed another day of gains as investors amassed N265 billion on Thursday’s trading.
Despite this, the All-Share Index and market capitalization saw a diminished rise of 0.62%, marking the lowest percentage increase since the year began, following earlier increases of 1.62% and 2.03%.
Join our WhatsApp ChannelThis slowdown in gains, with a drop from N846 billion on Wednesday, aligns with analysts’ predictions of a sustained bullish tone before the earning season.
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Notably, the market capitalization closed at N42.694 trillion, and the All-Share Index at 78,020.54 points.
Banking stocks notably influenced market movements, with AccessCorp, United Bank for Africa, Zenith Bank, Fidelity Bank, and FCMB driving increased activity. Investor interest in dividends, capital appreciation, and the impending sector-wide recapitalization spurred heightened trading in banking shares.
While market breadth slightly dipped compared to Wednesday, registering 48 gainers and 23 losers, stocks like Learn Africa, Wema Bank, Transcorp, Ikeja Hotel, and Sterling Financial Holdings showcased gains, contrasting the losses experienced by Multiverse, Meyer Plc, TrippleG, JohnHolt, and ABC Transport.
Further driving market trends were banking stocks like FCMB, Fidelity Bank, and Zenith Bank Plc, dominating both volume and value trade drivers for the day.
