Bulls maintain grip on equities market

The trading week came to a positive close on the local bourse, as bullish market conditions prevailed and favoured the All-Share Index.

The banking and telecommunications sectors witnessed a notable rally, which contributed to a 1.43 per cent increase in the benchmark NGXASI at the session’s conclusion.

As a result, the ASI reached a closing point of 60,968.27, marking a significant rise from its previous standing at 60,108.86 points on Tuesday.

Investors’ enthusiastic buying activity in 57 stocks played a pivotal role in driving the day’s impressive performance. Noteworthy contributions came from the likes of AIRTELAFRI, which experienced a remarkable 4.75 per cent increase, followed by MTNN with a solid 2.32 per cent rise.

GTCO and ZENITHBANK also made their mark, showcasing gains of 1.74 per cent and 0.74 per cent respectively. Additionally, ETERNA witnessed a substantial surge of 9.95 per cent, while PZ stood out with an impressive 10 per cent climb.

The Year to Date (YTD) return soared to an impressive 18.96 per cent, marking a significant milestone for investors. Simultaneously, the market capitalisation witnessed a notable uptick of 143 basis points, culminating in a closing value of N33.20 trillion.

This favourable outcome translated into a substantial boost in investors’ wealth, as their collective holdings increased by an impressive N467.96 billion.

Similarly, market activity for the day was positive as volume and value traded rose by 30.69 per cent and 27.30 per cent to close at 998.08 million units and N15.96 billion, respectively.

The market breadth witnessed a significant decrease, declining from 3.92x to 2.85x. Among the listed stocks, 57 demonstrated upward movement, while 20 experienced a decline, and 48 remained unchanged at the closing bell.