Nigerian Stock Market Gains N100bn Amid Trading Surge

The Nigerian stock market experienced a positive turnaround, closing higher with a gain of N100 billion in market capitalization. The All-Share Index rose by 155.03 points, or 0.06%, to finish at 242,378.13 points.

This increase was primarily fueled by price appreciation in large- and medium-cap stocks, including Seplat Energy, Nigerian Exchange Group, GTCO, Access Holdings, and Transnational Corporation (Transcorp). The overall market capitalization reached N157.150 trillion.

Despite this rebound, market sentiment was negative, with 23 stocks gaining and 29 losing. A total of 1.40 billion shares valued at N27.14 billion were traded across 46,218 deals.

Looking ahead, Cowry Assets Management Limited indicated that the market might face downward pressure as investors liquidate positions in the insurance and banking sectors in anticipation of the Dangote Refinery IPO, set to commence in the coming week.