Nigerian stock market gains N306bn in rally

Nigerian Stock Exchange gains N306bn, reaching N59.3tn in market cap as Vitafoam Nigeria leads gainers with a 9.81% share increase.

The Nigerian Stock Exchange (NSE) concluded Thursday’s trading session on a bullish note, gaining N306 billion to boost the market capitalisation to an impressive N59.3 trillion.

The rally was driven by strong performances from leading stocks such as Vitafoam Nigeria, Aradel Holdings, and FTN Cocoa Processors, which bolstered investor confidence across various sectors.

Also read: Forex crisis hampers Nigeria’s exports under African Continental Free Trade Area

Data from the NSE revealed a total of 632.7 million shares traded in 8,404 deals, valued at N10.81 billion.

This represents a 23% decline in volume but a 5% increase in turnover, alongside a 10% drop in the number of deals compared to the previous session.

Leading the gainers, Vitafoam Nigeria recorded a 9.81% rise, closing at N23.50 per share. Aradel Holdings followed with a 9.23% increase to close at N517.00, while FTN Cocoa Processors climbed 7.82% to close at N1.93. Sovereign Trust Insurance also gained 6.25%, closing at N0.68.

On the losing side, Prestige Assurance recorded the steepest loss of 10%, closing at N0.81 per share.

Other major decliners included Unilever Nigeria, down 9.97% to N26.65, and Austin Laz & Company, which dropped 9.96% to N2.17.

The NSE All-Share Index rose by 487.24 points, representing a 0.5% increase, to close at 97,783.81.

Despite this daily gain, the All-Share Index recorded a weekly loss of 0.21%, a four-week gain of 0.14%, and a robust year-to-date gain of 30.77%.

Other key indices also showed positive movements:

• Top 30 Index: Up 0.16% for the day, but a weekly decline of 0.35%.
• Banking Index: Rose 0.74% daily, though down 2.08% for the week.
• Insurance Index: Achieved a 0.23% daily increase and an impressive 4.25% weekly gain.

FBN Holdings dominated trading volumes, exchanging 167 million shares. Haldane McCall and Guinea Insurance followed with 119 million and 41.3 million shares traded, respectively.

Despite the bullish sentiment on Thursday, the market had recorded a bearish close on Wednesday, shedding N208 billion in market capitalisation and dropping the All-Share Index by 343.31 points to 97,296.57.