Nigerian Stock Market Closes Week with N73.5 Billion Gain
The Nigerian equities market concluded the final trading session of the week on a positive note, recording a slight increase that boosted investor wealth by a substantial N73.50 billion. This upward movement was primarily driven by strategic bargain hunting activities and renewed investor interest in selected large-cap and mid-cap stocks across various sectors.
Market Performance Indicators
At the close of trading activities on Friday, the Nigerian Exchange (NGX) All-Share Index (ASI) experienced a modest gain of 0.07%, rising from 165,397.37 points to 165,512.18 points. This incremental increase translated to significant financial gains for market participants, with overall market capitalisation climbing to N105.96 trillion.
Despite the overall positive closing, market sentiment remained somewhat bearish throughout the session. A total of 38 stocks declined in value, outnumbering the 32 gainers that contributed to the market's upward trajectory. This mixed performance indicates selective investor activity rather than broad-based market enthusiasm.
Notable Stock Movements
Several companies reached significant milestones during the trading session, with multiple stocks trading above their 52-week highs. Morison Industries led this category, reaching N7.52 per share, followed by UHOMREIT at N71.35, SCOA Nigeria at N23.80, RT Briscoe at N5.98, Infinity Trust Mortgage Bank at N8.45, Deap Capital at N7.14, Tripple Gee at N7.10, and Learn Africa at N8.75 per share.
The top gainers for the session demonstrated impressive percentage increases:
- Morison Industries Plc rose by 9.94% to N7.52 per share
- UHOMREIT gained 9.94% to N71.35 per share
- SCOA Nigeria Plc increased by 9.93% to N23.80 per share
- RT Briscoe Plc added 9.93% to N5.98 per share
- Austin Laz Plc climbed by 9.78% to N4.49 per share
Conversely, several stocks experienced notable declines:
- Neimeth International Pharmaceuticals Plc dropped by 9.86% to N13.25 per share
- NSLTech Plc declined by 9.35% to N0.97 per share
- Eterna Plc lost 8.23% to N28.45 per share
- UPL Plc fell by 6.25% to N6.00 per share
- Eunisell Interlinked Plc shed 5.84% to N153.95 per share
Trading Activity Analysis
Market activity showed some contraction compared to previous sessions, with total trading volume declining by 4.76% to 731.67 million shares exchanged across 44,005 separate deals. The total value of transactions reached N19.05 billion, indicating continued substantial financial movement within the market.
CHAMS Plc emerged as the most actively traded stock by volume, with 76.86 million shares changing hands, representing 10.51% of the total market volume. In terms of transaction value, Zenith Bank Plc dominated the market, recording trades worth N3.47 billion that accounted for 18.20% of the total market value.
Other significant contributors to trading volume included NSLTech Plc with 67.96 million shares (9.29% of total volume) and Zichis Plc with 48.81 million shares. Following Zenith Bank in traded value were Seplat Energy and Lafarge Africa, though specific figures for these companies were not provided in the trading summary.
Market Implications and Outlook
The Friday trading session demonstrated the Nigerian stock market's resilience and capacity for growth even amid mixed sentiment. The N73.50 billion gain in investor wealth represents a significant positive development for market participants and indicates continued confidence in select segments of the Nigerian economy.
Financial analysts note that the combination of bargain hunting and targeted investment in specific large- and mid-cap stocks suggests sophisticated market participation rather than speculative trading. This pattern often indicates longer-term investment strategies that could contribute to market stability in subsequent trading sessions.
The performance of banking stocks, particularly Zenith Bank's dominance in traded value, highlights the continued importance of the financial sector in Nigeria's equity market dynamics. Meanwhile, the pharmaceutical sector showed mixed results, with Neimeth International Pharmaceuticals leading decliners despite overall market gains.
