Nigerian Equities Market Gains 0.23% on September 23

On September 23, the Nigerian equities market experienced a bullish trend, with the All-Share Index (ASI) increasing by 576.36 points, or 0.23%, to close at 251,191.02 points. This positive movement was largely attributed to gains in the Nigerian Aviation Handling Company (NAHCO) and 42 other stocks.

Market capitalization rose by N374 billion, reaching N163.057 trillion. Key contributors to this upturn included large and medium capitalized stocks such as NASCON Allied Industries, MTN Nigeria Communications (MTNN), Eterna, and Zenith Bank.

Cowry Assets Management Limited projected that the market would likely maintain its bullish trend, although some profit-taking activities might slow recovery. The market breadth was positive, with 43 stocks appreciating and 20 declining.

Eterna was the highest price gainer, increasing by 10% to close at N38.50 per share, while Caverton Offshore Support Group led the losers with a 9.09% decline to N4.00 per share.