Nigerian Market Gains N104bn as 31 Stocks Rise

On October 14, the Nigerian equities market closed positively, with 31 stocks recording gains that pushed the overall market capitalisation up by N104 billion, reaching N160.812 trillion. The All-Share Index increased by 0.06 percent to close at 247,673.65 points.

This positive performance was attributed to price appreciation in large- and medium-capitalised stocks, including Aradel Holdings, Livestock Feeds, eTranzact International, Wema Bank, and Africa Prudential. Cowry Assets Management Limited indicated that the market might continue its upward trend due to improving investor sentiment, although profit-taking could temper further gains.

A total of 30 stocks gained while 16 declined, with Austin Laz and Company achieving the highest price gain of 10 percent, closing at N2.42 per share. Conversely, UPDC led the losers with a 6.02 percent decline, closing at N3.90 per share.

The total volume traded decreased by 20.1 percent to 314.91 million units, valued at N28.59 billion across 30,956 deals.