Nigerian stock market has concluded the week on a positive note, with a significant gain of N948 billion.
This impressive performance was driven by sustained buying interest in key stocks, including UAC of Nigeria, BUA Cement, Beta Glass, and Legend Internet Plc, among others.
Market Capitalization Rises
The market capitalization increased by N948 billion, or 1.07%, to close at N88.372 trillion, up from N88.424 trillion recorded on Thursday.
Similarly, the All-Share Index (ASI) rose by 1,399.53 points, or 1%, settling at 141,263.05 from its previous close of 139,863.52.
Top Gainers
The top gainers for the week included UACN, which gained 9.96% to settle at N88.30 per share, and BUA Cement, which rose 9.63% to close at N148 per share.
Other notable gainers were Veritas Kapital, which climbed 9.45% to finish at N1.39, and Beta Glass, which soared 9.22% to end the session at N408.50 per share.
Trading Activity
A total of 1.08 billion shares worth N26.85 billion were exchanged across 34,488 transactions, marking a decline from Thursday’s 1.11 billion shares valued at N33.65 billion traded across 37,370 transactions.
First City Monument Bank topped the activity chart with 277.21 million shares worth N2.84 billion.
Losers
Despite the overall positive performance, some stocks declined, including Champion Breweries, which dropped 10% to finish at N12.51, and Dangote Sugar, which fell 10% to close at N66.15 per share.
Oando Plc also declined 10% to end the session at N53.10.
Market Outlook
The market’s positive performance reflects optimism in Nigeria’s economic recovery, despite challenges such as inflation and currency volatility.
Investors are expected to monitor upcoming corporate earnings and macroeconomic indicators for further direction.
Fidelity Bank followed First City Monument Bank with 85.6 million shares valued at N1.80 billion, while Sterling Nigeria traded 58.37 million shares worth N396.75 million.
