Nigerian Exchange extends gains as investors buy key stocks
The Nigerian Exchange Limited saw continued bullish momentum as strong buying interest in major stocks boosted market capitalisation by N1.66tn. The All-Share Index also advanced, reflecting positive sentiment among investors. Notable gainers included MTN Nigeria, PZ Cussons Nigeria, and E-Tranzact International, each posting significant share price increases. Market turnover improved despite a slight drop in trading volume and number of deals.
TLDR
- Total market capitalisation rose to N106.18tn from N104.52tn, with the All-Share Index settling at 165,837.33 points.
- MTN Nigeria, PZ Cussons Nigeria, and E-Tranzact International led the gainers’ chart with 10% increases each.
- Market breadth was strong, with 55 stocks appreciating and only 13 declining.
- Sovereign Trust Insurance Plc topped trading volume with 344 million shares exchanged.
- Analysts attributed the rally to sustained demand for large-cap stocks, especially in telecoms and financial services sectors.
