Emmanuel Ochayi
The Nigerian equity market saw a boost as investors reaped gains of N792 billion on Thursday. This surge in value came after the share prices of key stocks like MTN Nigeria, Honey Flour, and Universal Insurance rose sharply.
Join our WhatsApp ChannelThe equity capitalization climbed from ₦63.5 trillion to ₦64.3 trillion, indicating a strong bullish trend.
All-Share Index Hits New High
The All-Share Index (ASI), a critical benchmark for the market, increased from 104,230.73 on Wednesday to 105,530.74. This positive trend reflects the growing confidence among investors, driven by the strong performance of leading stocks.
Top Gainers in the Equity Market
Several stocks recorded notable gains:
- MTN Nigeria: The telecom giant’s shares rose by 10%, closing at N242.00 from the previous N220.00.
- Honey Flour: The stock saw a 9.89% increase, ending at N9.11 from N8.29.
- Universal Insurance: Its shares appreciated by 9.86%, closing at N0.78 from N0.71.
Declining Stocks
Despite the overall positive market sentiment, some stocks faced declines:
- RT Briscoe: The company’s shares fell by 10%, closing at N2.34 from N2.60.
- Sunu Assurance: This stock dropped by 9.99%, ending at N8.11 from N9.01.
- UPDC: The shares declined by 9.50%, closing at N1.81 from N2.00.
Active Trading Volume in Equity Market
Universal Insurance led the trading volume with 97 million shares exchanged in 410 deals. AIICO followed closely, trading 54 million shares in 382 deals. Sovereign Trust Insurance also saw substantial activity, with 24 million shares traded in 67 deals.
High-Value Transactions
On the value index, SEPLAT dominated with transactions worth N4.5 billion across 95 deals. MTN Nigeria followed, trading equities worth N1.1 billion in 798 deals. PRESCO also made significant contributions, with shares valued at N673 million in 248 deals.
Regional Equity Market Trends
The equity market’s robust performance is not limited to Nigeria. Similar trends are observed in various countries as markets respond to global financial conditions.
READ ALSO: MTNN, Transcorp, Honeywell Lead Equity Market Rally, Gaining N507bn
Country Listing of Equity Market Activity:
- United States
- United Kingdom
- Japan
- Germany
- China
- India
- South Africa
- Brazil
- Canada
- Australia
Investors Optimistic Despite Challenges
Market analysts noted that the positive breadth, with 34 stocks advancing and only 24 declining, suggests strong investor confidence.
Indirect sources within the market mentioned that this trend is expected to continue if economic indicators remain favorable.
Stock Listings and Performance
Here are some key stocks and their recent performances:
- MTN Nigeria: Significant growth, closing at N242.00.
- Honey Flour: Increased to N9.11.
- Universal Insurance: Closed at N0.78.
- RT Briscoe: Declined to N2.34.
- Sunu Assurance: Dropped to N8.11.
- UPDC: Ended at N1.81.
The Nigerian equity market’s recent performance highlights the dynamic nature of stock trading and the potential for substantial investor gains. The continued bullish run, driven by key stocks, underscores the resilience and opportunities within the market.
