Nigerian Stock Market Sees Positive Start

The Nigerian stock market commenced the week on a positive trajectory as the benchmark All-Share Index (ASI) rose by 134.18 points, or 0.13 per cent, closing at 104,630.30.

This increase contributed to a market capitalisation growth, bringing it to N64.8tn. A total of 510,569,320 shares were exchanged in 14,611 deals, amounting to a turnover of N13.25bn. This reflected a 56 per cent drop in volume and a 13 per cent decline in turnover compared to the previous trading session.

Out of the 124 listed equities that participated in the day’s trading, 21 recorded gains, while 35 declined. Presco led the gainers, appreciating by 10 per cent to close at N643.50 per share. Other top gainers included Beta Glass Company, which increased by 10 per cent to N78.65, Okomu Oil Palm, which gained 9.99 per cent to N537.20, and Northern Nigeria Flour Mills, which rose by 9.98 per cent to N66.65.

Conversely, University Press suffered the most significant loss, declining by 10 per cent to settle at N5.04 per share. Omatek Ventures also dropped by 9.88 per cent to N0.73, SCOA Nigeria lost 9.83 per cent to close at N3.67, and Lasaco Assurance saw an 8.33 per cent decline to N2.75. Despite the number of decliners, the market sentiment remained largely positive.

FBN Holdings recorded the highest trading volume of the day with 84 million shares changing hands, followed by Zenith Bank with 54.5 million shares, Universal Insurance Company with 32.6 million, and United Bank for Africa with 31.6 million shares.

Market performance showed steady progress, reflecting a one-week gain of 0.2 per cent, a four-week gain of 0.95 per cent, and a year-to-date increase of 1.66 per cent. Other indices that posted strong performances included the Top 30 Index, the Insurance Index, and the Main Board Index.

In the past week, the stock market recorded a gain of N1.1tn, as the All-Share Index closed at 104,496.12, while market capitalisation climbed to N64.709tn.