Nigeria’s Equity Market Continues Upward Trend With 0.25% Gain

The Nigerian equity market saw a modest gain on Thursday, rising by 0.25% and marking the third consecutive day of growth this week.

The positive performance of key stocks, especially in the oil and gas sector, fueled the market’s rise.

Conoil Leads the Equity Market Surge

Conoil Plc led the charge, with its share price climbing from N352 to N387.20, reflecting a 10% increase. This was the second time this week that Conoil had topped the list of market advancers, highlighting its strong performance in the equity market.

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Tantalizers and Custodian Investment Show Strong Gains

Following Conoil’s strong performance, Tantalizers saw its share price increase from N1.60 to N1.76, up by 10%.  Similarly, Custodian Investment’s stock rose from N12.60 to N13.85, adding N1.25 or 9.92%. Other stocks, such as Africa Prudential and Golden Guinea Breweries, also saw positive movements, boosting investor confidence.

Market Sentiment Remains Optimistic Despite Mixed Outlook

Despite some mixed sentiments in the market, analysts at Vetiva expect a continued bullish trend, with investors looking to pick up stocks at attractive valuations. They predict that the equity market will remain active with more buy-side activity in the coming days.

Positive Performance in Key Indices

At the end of Thursday’s trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) rose to 98,760.59 points, up from 98,509.68 points on Wednesday. The market’s total capitalization increased to N59.867 trillion, further strengthening its overall performance.

The stock market’s year-to-date (YtD) return now stands at an impressive 32.08%, reflecting the strong growth that has marked the market in 2024.

Trading Volume and Market Activity

In total, 489,654,913 shares were traded in 8,304 deals, valued at N7.057 billion. FCMB Group, Etranzact, Japaul Gold, Secure Electronic Technology Plc, and Haldane Mccall Plc were among the most actively traded stocks, indicating broad participation in the equity market.

As the market continues to show resilience, analysts believe that the equity market will remain attractive for investors, with opportunities for gains in both large and mid-cap stocks.