Nigerian Equities Market Gains N1.5trn Amid Mixed Sentiment

The Nigerian equities market closed positively, with market capitalization increasing by N1.50 trillion to reach N163.66 trillion. The benchmark NGX All-Share Index (ASI) rose by 0.92 percent week-on-week, closing at 252,113.41 points, resulting in a year-to-date return of 62.01 percent.

This positive performance was primarily driven by renewed buying interest in stocks such as Seplat Energy, Dangote Cement, Zenith Bank, and Guaranty Trust Holding Company (GTCO). However, the market breadth was negative, with 60 gainers compared to 71 losers, reflecting mixed investor sentiment.

Critical Minerals Financing Corp (CMFC) led the gainers with a 59.80 percent increase to N3.26 per share, while Haldane McCall led the decliners with a 16.67 percent decline to N3.00 per share. Trading volume increased, with 4.689 billion shares worth N240.824 billion exchanged in 261,198 deals.

Cowry Asset Management Limited anticipates a cautiously positive market outlook, influenced by corporate earnings and macroeconomic developments.