Kayode Tokede
The Nigerian stock market for the third consecutive trading session this week has appreciated by N8.49trillion over investors’ demand for highly capitalized stocks such as Dangote Cement Plc, Airtel Africa Plc and MTN Nigeria Communications Plc.
According to THISDAY findings, the market capitalisation of listed stocks on the Nigerian Exchange Limited (NGX) that closed for trading activities at N147.103 trillion last week, gained N8.48 trillion or 5.77per cent to close at N155.585 trillion yesterday.
Also, the NGX All-Share Index moved from 229,240.34 basis points, up by 13,219.64 basis points or 5.8 per cent to close at 242,459.98 basis points.
Consequently, the NGX ASI in its Month-to-Date and Year-to-Date returns settled higher at +5.7per cent and +55.8per cent, respectively.
Opening for trading this week, the stock market gained N3.168 trillion to close at N150.271 trillion on investors’ demand for large and medium capitalised stocks amongst which are; Aradel Holdings, Dangote Cement, Lafarge Africa, Nigerian Exchange Group and MTN Nigeria Communications .
The NGX ASI gained 4,937.89 basis points or 2.15 per cent to close at 234,178.23 points.
The previous day, the stock market sustained its positive momentum with a gain of N1.865 trillion on sustained demand for large-cap stocks signals improving market confidence as investors continue to position in fundamentally sound equities.
The NGX ASI gained 2,905.05 basis points qr 1.24 per cent to close at 237,083.28 basis points. Also, market capitalisation rose by N1.865 trillion to close at N 152.136 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Aradel Holdings, MTN Nigeria Communications, Lafarge Africa and Vitafoam Nigeria.
In addition, the market capitalisation yesterday gained N3.45 trillion as sustained buying interest continued to strengthen investor sentiment across the bourse.
The NGX AII gained by 5,376.70 basis points or 2.27 per cent to close at 242,459.98 basis points. Similarly, the overall market capitalisation value rose by N3.45 trillion to close at N155.586 trillion.
The market positive performance was driven by price appreciation in Airtel Africa, Aradel Holdings, Dangote Cement, Lafarge Africa, and Zichis Agro Allied Industries.
On market performance, analysts stated that the positive close reflects sustained investor confidence and continued buying interest as the market maintained its upward trajectory for a fourth consecutive session.
Looking ahead, Cowry Assets Management Limited stated that the market is expected to sustain its recovery momentum, underpinned by ongoing strategic investor repositioning and portfolio rebalancing.