On Thursday, the Nigerian Stock Exchange concluded its trading session with a market capitalization reaching N59.3 trillion, marking an impressive gain of N306 billion. This upward trend in the market was primarily fueled by the strong performances of leading stocks such as Vitafoam Nigeria, Aradel Holdings, and FTN Cocoa Processors, which collectively bolstered investor sentiment across various sectors. The trading data highlighted that a total of 632,741,250 shares changed hands in 8,404 transactions, with an overall value of N10.81 billion. Compared to the previous day, this represents a significant 23% drop in trading volume, while turnover saw a slight increase of 5%. However, the number of deals experienced a decrease of 10%.
Leading the gainers’ chart, Vitafoam Nigeria registered a remarkable increase of 9.81%, closing at N23.50 per share. Following closely was Aradel Holdings with a 9.23% increase, closing at N517.00. FTN Cocoa Processors also posted substantial growth with a 7.82% rise, closing at N1.93. Additionally, Sovereign Trust Insurance noted a respectable increase of 6.25%, ending the day at N0.68. Conversely, the session also saw some significant losses, with Prestige Assurance experiencing the steepest decline of 10%, dropping to N0.81 per share. Other notable losers included Unilever Nigeria, which fell by 9.97% to close at N26.65, and Austin Laz & Company, which saw a drop of 9.96%, closing at N2.17. John Holt also suffered a 9.90% loss, closing at N8.92.
FBN Holdings was the standout in terms of trading activity, recording the highest volume with 167 million shares traded. It was trailed by Haldane McCall, with 119 million shares, and Guinea Insurance, which saw 41.3 million shares traded. Cutix rounded out the top four with 38.5 million shares. Overall, these figures underscore a variety of trading patterns in the market, with certain stocks gaining traction while others slumped in performance.
From an overall market perspective, the benchmark Nigerian Stock Exchange All-Share Index experienced a notable rise of 487.24 points, an increase of 0.5%, closing at 97,783.81 points. Despite this daily gain, the All-Share Index reflected a mild weekly loss of 0.21%. Furthermore, it showed fluctuations over a longer time frame with a four-week gain of 0.14% and an impressive year-to-date gain of 30.77%. This mixed performance in both short and longer periods indicates the volatile nature of the market amidst varying investor sentiments.
Additional indices on the exchange also reported positive movements. The Top 30 Index increased by 0.16%, although it experienced a minor weekly decline of 0.35%, while enjoying a substantial gain of 31.8% year-to-date. The Banking Index rose by 0.74% but noted a weekly decline of 2.08%, reflecting a year-to-date gain of 13.28%. In a similar vein, the Main Board Index saw a 0.58% rise, coupled with minor fluctuations over the week and a remarkable year-to-date gain of 36.95%. The Premium and Pension Indices recorded increases of 0.36% and 0.32%, respectively, both marking year-to-date growth figures exceeding 27%.
In contrast to Thursday’s bullish campaign, the Nigerian Exchange had closed on a bearish note the previous day, with the equity market declining by N208 billion in market capitalization. On that day, the market capitalization rested at N59 trillion, and the All-Share Index fell by 343.31 points, a 0.35% decrease, closing at 97,296.57 points. This contrast between the two days illustrates the market’s fluctuating nature, reflecting broader economic conditions and investor sentiment, showcasing both opportunities for gains and risks for losses in the Nigerian stock environment.
