Nigerian Equities Scale New Peak as All-Share Index Breaches 171,000
The Nigerian equities market achieved a historic milestone as the All-Share Index surged past the 171,000-point threshold for the first time. The index gained 1,722.1 points to close at 171,727.5, marking a 1.01% increase from the previous session’s close of 170,005.4. This bullish momentum was accompanied by a significant rise in trading activity, with market volume climbing to 953 million shares from 712.9 million. The overall market capitalization also appreciated, rising to N110.2 trillion from N109.1 trillion, reflecting robust investor confidence and strong buying interest.
Presco Leads as Market Activity Intensifies
Driving the value traded on Customs Street was Presco Plc, which recorded a traded value of N11.2 billion. This performance contributed to lifting the market’s year-to-date return to 10.36%. The day’s trading saw notable gains across several counters, with Nigerian Aviation Handling Company, Deap Capital Management & Trust, and Omatek Ventures leading the advancers, each posting a 10% gain. Conversely, TIP and Daar Communications headed the decliners’ chart, shedding 9.74% and 7.32% respectively.
Large-Cap Stocks Fuel Market Rally
The category of Stocks Worth Over One Trillion Naira (SWOOT) exhibited broad strength, underscoring the role of large-cap stocks in the rally. Aradel Holdings led with a 5.88% gain, followed by Dangote Cement (3.03%), Transcorp Hotel (2.11%), MTN Nigeria (1.66%), and Lafarge Africa (1.21%). Within the FUGAZ banking group, Zenith Bank gained 0.54% and Guaranty Trust Holding Company added 0.25%, while Access Holdings closed flat. This collective advance signals a firm recovery in investor sentiment following a period of moderate activity, with the market now firmly positioned above the 170,000 and 171,000 levels.
The sustained upward trajectory presents discernible opportunities for market participants, particularly within the large-cap and high-performing sectors. However, selective positioning remains prudent as market dynamics continue to evolve. This record-setting performance occurs amidst broader national discussions on economic governance, similar to the scrutiny seen in contexts like the Falana demands probe into certain fiscal matters. While local authorities like the Lagos State Traffic Management Authority, or Lastma, raises alarm over urban challenges, and the Ghana Police warn against public disturbances, the Nigerian equity market’s resilience highlights a distinct channel of financial activity and investor focus.
