Highest Daily Gain Since 2023 Pushes Stock Market Above N120trn 

The Nigerian stock market  yesterday  crossed the historic N120 trillion mark to close at N122 trillion, as investors gained N5.103 trillion return on investment, strongest daily return since 23 May 2023, over repricing rally in Dangote Cement Plc,  MTN Nigeria Communication Plc, 54 others.

As the  stock price of MTN Nigeria Communication and Dangote Cement appreciated by 10per cent, respectively, the NGX All-Share Index (ASI) gained by 7,949.36 basis points or 4.36 per cent to close at 190,262.44 basis points. As a result, the NGX  ASI in its  Month-to-Date and Year-to-Date returns improved to +15.1per cent and +22.3per cent, respectively.

Also, market capitalisation gained N5.103 trillion to close at N122.130 trillion.

Market breadth was positive, with 54 advancing stocks outweighing 28 declining counters. ABC Transports, Beta Glass, Ikeja Hotels, McNichols, Oando, Jaiz Bank, Aradel Holdings and Zichis Agro Allied Industries recorded the highest price gain of 10 per cent each to close at N8.25, N453.20, N41.80, N8.47, N44.00, N9.13, N1, 096.70 and N111.88 respectively, per share.

MTNN followed with a gain of 9.99 per cent to close at N779.70, while AXA Mansard Insurance up by 9.97 per cent to close at N16.99, per share.

On the other hand, R.T. Briscoe led the losers’ chart by 9.99 per cent to close at N15.68, per share. DEAP Capital Management & Trust followed with a decline of 9.91 per cent to close at N7.64, while Caverton Offshore Support Group shed 9.62 per cent to close at N7.05, per share.

Guinea Insurance depreciated by 9.27 per cent to close at N1.37, while Tantalizers declined by 8.11 per cent to close at N5.10, per share.

Also, the total volume traded up by 13.46 per cent to 1.076 billion units, valued at N64.026 billion, and exchanged in 64,821 deals. Transactions in the shares of Access Holdings topped the activity chart with 86.725 million shares valued at N2.259 billion. Oando followed with 73.496 million shares worth N3.186 billion, while Zenith Bank traded 69.281 million shares valued at N5.934 billion.

Mutual Benefits Assurance traded 67.101 million shares valued at N289.113 million, while Japaul Gold & Ventures sold 49.172 million shares worth N135.594 million.

Imperial Asset Managers Limited said that “following the massive 4.36 per cent surge, we anticipate the bullish momentum to persist in the near term, largely driven by strong appetite for heavyweights.”

Coronation Asset Management stated that “in the near term, we expect sentiment to remain cautious as investors await further full year earnings releases and dividend declarations, while continuing to digest recently published full-year results.

“Market direction will likely be influenced by earnings surprises, dividend yields, and sector-specific developments, with selective positioning expected in fundamentally strong names.”