Nigerian Stock Market Climbs to Record N1.806 Trillion Surge

The Nigerian Stock Exchange, operating under the Nigerian Exchange Group (NGX) Limited, achieved a historic milestone by seeing investors gain N1.806 trillion in just one day.

This development comes after a notable increase in the All-Share Index (ASI), which climbed by 2,457.13 points, or 2.01 percent, reaching a closing value of 124,446.80 and surpassing the 124,000 threshold for the first time from its earlier close of 121,989.67.

The market's strong performance has been attributed to increased investor confidence in Nigeria's equities sector, supported by enhanced liquidity conditions and ongoing economic reforms.

The market capitalization also increased by 2.35 percent, reaching N78.726 trillion on Thursday, compared to the previous value of N76.970 trillion recorded on Wednesday.

As a result, market breadth finished on a strong positive note, with 70 stocks advancing and only 10 declining.

On the list of gainers, FTN Cocoa increased by 10% to finish the session at N6.82, while UPDC similarly climbed 10%, closing at N4.62 per share.

United Bank for Africa (UBA) surged by 10% to reach N39.60, while Consolidated Hallmark Holdings also saw a 10% increase, closing at N3.30 per share.

Haldane McCall saw an increase of 10 percent, closing the session at N4.73 per share.

On the other hand, Neimeth International Pharmaceutical saw a decline of 9.91 percent, closing at N9 per share, while Legend Internet decreased by 9.88 percent to end up at N7.21 per share.

Industrial and Medical Gases declined by 7.36% to finish at N34, while Cadbury Nigeria decreased by 6.22%, closing the day at N55 per share.

In a similar manner, Livestock Feeds experienced a 5.67 percent loss, closing at N9.15 per share.

Regarding market activity, 1.3 billion shares worth N27.73 billion were traded in a total of 27,875 transactions.

This is in contrast to the 888.70 million shares valued at N15.609 billion that were exchanged across 24,303 transactions on Wednesday.

Access Corporation topped the activity chart, trading 174.22 million shares worth N3.99 billion.

AIICO Insurance reported a trade of 81.96 million shares valued at N165 million, whereas Ja Paul Gold saw the exchange of 74.01 million shares with a total value of N245.2 million.

UBA traded 64.51 million shares with a total value of N2.52 billion, while First City Monument Bank exchanged 63.3 million shares worth N585.75 million.