Stocks rally as investors gain N745bn on bullish open

The Nigerian stock market opened the week on a bullish note on Monday, with investors gaining N745 billion as market capitalisation climbed to N104.5 trillion.

The rally was driven by sustained demand for stocks such as Etranzact, Red Star Express, McNicholas, RT Briscoe and Deap Capital Management, alongside 45 other advancers.

Market capitalisation, which opened at N103.775 trillion, rose by 0.58 per cent, or N745 billion, to close at N104.520 trillion.

The All-Share Index gained 946.61 points, closing at 163,244.69, compared with 162,298.08 recorded at the previous session’s close.

Market breadth closed positive, with 50 gainers outweighing 20 losers, reflecting broad-based investor optimism across key sectors.

Etranzact, Red Star Express, McNicholas, RT Briscoe and Deap Capital Management led the gainers, each rising by 10 per cent.

Also Read: Stocks dip as market loses N34bn at Lagos Exchange

They closed at N16.50, N11.55, N6.05, N3.96 and N3.30 per share, respectively.

Champion Breweries topped the losers’ chart, shedding 8.51 per cent to close at N15.05 per share.

Eunisell Interlinked declined by 8.01 per cent to N156.20, while Ikeja Hotel fell by eight per cent, ending at N36.80 per share.

Guinea Insurance dropped by 7.30 per cent to N1.27, while Omatek slipped by 3.13 per cent to close at N1.24 per share.

Trading activity improved, with 1.15 billion shares valued at N19.23 billion exchanged in 59,359 transactions.

This compared with 624.08 million shares worth N18.5 billion traded in 43,816 deals in the previous session.

Sovereign Trust Insurance recorded the highest volume, trading 307.47 million shares, representing 26.75 per cent of total volume.

Fidelity Bank led in value terms, with trades worth N3.14 billion, accounting for 16.32 per cent of total value.

An analyst said the rally reflected “renewed confidence, supported by bargain hunting and expectations of stronger corporate earnings.”

NAN