The Nigerian equities market maintained its upward momentum, increasing by N259 billion as investors turned to oil stocks. This positive trend marked the seventh consecutive day of growth, with key performance indicators rising by 0.43%.
Due to heightened buying activity in large and medium-cap stocks and bargain hunting, the All-Share Index jumped 426.52 basis points to close at 100,477.46. Among the best-performing equities were oil companies MRS, ETERNA, and ARADEL.
Over the past week, investors have collectively gained N1.44 trillion. This market surge benefited various sectors, although overall market activity slowed down. Total volume and value trades decreased by 18.49% and 59.14%, respectively.
Atlass Portfolios Limited reported that 389.70 million units valued at N9.19 billion were traded across 9,573 deals. STERLINGNG led in volume, followed by UBA, FIDELITYBK, UNIVINSURE, and AIICO. ARADEL topped the value chart, with MRS leading in price appreciation at 9.99%.
While 42 stocks gained, 18 declined. AFRIPRUD was the biggest loser, dropping 10.00%. Other notable decliners included GUINEAINS, DEAPCAP, CONHALLPLC, FBNH, and JAIZBANK.
The market breadth closed positive, with four of the five major sectors in the green. The insurance sector led with a 3.16% increase, followed by banking (0.68%), oil & gas (0.33%), and consumer goods (0.08%). The industrial sector remained unchanged.
The market value of the Nigerian Exchange rose by N258.56 billion to N60.91 trillion.
