The Nigerian stock market continued on a bullish note on Thursday, marking a four-day positive trend in the week, as investors recorded a N1.806 trillion gain.
The positive performance was due to increased investor confidence in Nigeria’s equities market amid improved liquidity conditions and ongoing reforms.
Market capitalisation rose by N1.806 trillion, or 2.35 per cent, to close at N78.726 trillion, up from N76.970 trillion recorded on Wednesday.
Similarly, the All-Share Index (ASI) rose by 2,457.13 points, or 2.01 per cent, settling at 124,446 80 from its previous close of 121,989.67.
The market breadth closed positive, with 70 gainers and 10 losers.
On the gainers’ chart, FTN Cocoa increased by 10 per cent, ending the session at N6.82 while UPDC also rose by 10 per cent closing at N4.62 per share.
United Bank for Africa (UBA) soared by 10 per cent, settling at 39.60 and Consolidated Hallmark Holdings also gained by 10 per cent, finishing at N3.30 per share.
Also, Haldane McCall grew by 10 per cent, closing at N4.73 per share.
On the losers’ chart, Neimeth International Pharmaceutical fell by 9.91 per cent, finishing at N9 while Legend Internet shed by 9.88 per cent, settling at N7.21 per share.
Industrial and Medical Gases dropped by 7.36 per cent, ending the session at N34 and Cadbury Nigeria declined by 6.22 per cent, closing at N55 per share.
Similarly, Livestock Feeds lost by 5.67 per cent, settling at N9.15 per share.
1.3 billion shares worth N27.73 billion were exchanged across 27,875 transactions.
This is compared to 888.70 million shares worth N15.609 that was traded across 24,303 transactions earlier on Wednesday.
Transactions in the shares of Access Corporation topped the activity chart with 174.22 shares worth N3.99 billion.
AIICO Insurance followed with 81.96 million shares valued at N165 million while Ja Paul Gold transacted 74.01 million shares worth N245.2 million.
United Bank for Africa sold 64.51 million shares valued at N2.52 billion and First City Monument Bank traded 63.3 million shares worth N585.75 million.
Reacting to the positive performance, Mr David Adonri, Vice Chairman of Highcap Securities said:”Investors’ confidence is very high. The consumer goods sector is leading the charge due to their recovery from FX losses.
“Stability of Exchange Rate is also stimulating FPI. The banks have weathered the storm of the forbearance scare and the foreign listing of a new issue by GTCO is impacting on its shares and pulling others along.
“Unlike in the recent past when equities was driven by sentiment, current surge appears to be propelled by improving market fundamentals.
“High expectations from half year corporate disclosures may also be fueling the rally but as corporate results are released, there could be sustenance or corrections.”