The Nigerian stock market closed the week on a bullish note as investors gained ₦793 billion in Friday’s session.
Market capitalisation advanced by ₦793 billion, or 0.94 per cent, to settle at ₦85.055 trillion, compared with ₦84.262 trillion in the previous session. The All-Share Index (ASI) also climbed by 1,252.93 points, or 0.94 per cent, closing at 134,452.93.
The uptrend was driven by sustained buying interest in Champion Breweries, Ikeja Hotel, Unilever Nigeria, Nigerian Enamelware, The Initiates and 43 other gainers. Market breadth ended positive with 48 advancers and 22 decliners.
Champion Breweries led the risers, gaining 10 per cent to close at ₦12.32. Ikeja Hotel and Unilever Nigeria each rose by 10 per cent, closing at ₦23.10 and ₦68.20 respectively. Nigerian Enamelware appreciated by 9.98 per cent to ₦27.00, while The Initiates Plc advanced 9.95 per cent to ₦16.13 per share.
On the downside, Tripple Gee shed 10 per cent to close at ₦3.51. Tantalizer dropped by 8.55 per cent to ₦2.46, Sunu Assurances fell by 6.64 per cent to ₦4.64, Ecobank Transnational Incorporated slipped by 5.88 per cent to ₦32.00, and Neimeth International Pharmaceutical declined by 4.55 per cent to ₦6.50 per share.
A total of 713.7 million shares worth ₦24.2 billion were traded across 24,880 deals, compared to 818.39 million shares valued at ₦22.67 billion exchanged in 22,955 deals previously.
Access Corporation led the activity chart with 42.4 million shares worth ₦1.18 billion, followed by Universal Insurance with 40.7 million shares valued at ₦29.7 million. Tantalizer traded 32.2 million shares worth ₦83.1 million, Guaranty Trust Holding Company exchanged 28.7 million shares valued at ₦2.7 billion, and Ellah Lakes recorded 26.3 million shares worth ₦260.5 million.
Vice President of Highcap Securities, Mr David Adonri, attributed the continued upward momentum to rising interest in several stocks, particularly Okomu Oil and Presco.
“The strength of Okomu Oil’s half-year financial results and its interim dividend proposal has attracted significant investor attention. Stocks across all sectors appreciated, with none recording declines.
“The stable MPC report and outstanding corporate disclosures also contributed to the higher market capitalisation,” Adonri said.