Stock market closes week bullish, as investors’ wealth up by N584bn

By Philemon Adedeji

The Nigerian equities market concluded the week’s trading on a bullish sentiment with equities gaining for four trading days in the week and leaving the bears with only one day to dominate. We saw a positive performance as all banking stocks rallied.

Consequently, the NGX All-Share Index experienced a rise of 168 basis points, closing at 65,003.39 points, up from 63,930.72 points recorded on Thursday.

The day’s positive performance was attributed to significant increases in major stocks like STANBIC (+10.00 per cent), GTCO (+10 per cent), FBNH (+9.97 per cent), UBA (+9.96 per cent), ACCESS CORPORATION (+9.88 per cent), and ZENITH BANK (+8.82 per cent), along with 42 other stocks. These notable appreciations collectively contributed to the overall upturn in the market.

The market’s positive momentum led to a Year to Date (YTD) return of 26.83 per cent, accompanied by a 1.68 per cent increase in market capitalisation, reaching N35.39 trillion. This upward movement significantly boosted investors’ wealth, which saw a notable rise of N584.08 billion.

On the performance board, Guaranty Trust Holding Company (GTCO), Johnholt, and UACN, Stanbic IBTC, Unity Bank emerged as the highest price gainer which appreciated by 10.00 per cent each increase to close at N38.50, N2.86, N11.00, N62.70, N1.65 per share respectively.

However, on the laggards log, Academy press came as the most price loser went down by 9.88 per cent to close at N2.19 per share, followed by AbbeyBDS which lost 9.68 per cent to close at N1.12 per share, while Cornerstone Insurance dipped by 9.43 per cent to close at N0.96 per share.