Equities market extends winning streak, gains 0.35%

Nigeria’s equities market continued its bullish run on Thursday, recording its fourth consecutive day of gains with a 0.35 percent increase.

This upward trend has seen the market grow by 3.01 percent over the course of the week. For the month so far, the market has advanced by 3.24 percent, bringing the year-to-date return to 6.13 percent.

At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) climbed from the previous day’s level of 109,000.19 points to 109,231.96 points. Similarly, the equities market capitalisation rose from N68.507 trillion to N68.652 trillion.

Trading activity remained robust, with investors executing 16,704 transactions involving 554,069,040 shares worth a total of N14.347 billion. Among the most actively traded stocks were Fidelity Bank, Access Holdings, Tantalizers, GTCO, and First Holdco.

Beta Glass led the gainers’ chart, climbing from N146.05 to N160.65, an increase of N14.60 or 10 percent. Chellaram followed with a similar 10 percent rise, moving from N8.60 to N9.46, a gain of 86 kobo.

Analysts at Vetiva Research, in their market note dated 7 May, attributed the recent surge to sustained investor confidence.

“Investor sentiment remains positive… We expect a continuation of selective buying, though gains may moderate as the week winds down. Overall, market tone remains positive in the absence of adverse macro triggers,” the report stated.

Other notable gainers included International Energy Insurance, which rose from N1.51 to N1.66, adding 15 kobo or 9.93 percent. May & Baker advanced from N9.20 to N10.10, a gain of 90 kobo or 9.78 percent. Academy Press also featured among the day’s top performers, with its share price increasing from N3.58 to N3.93, up by 35 kobo or 9.78 percent.