Nigerian Equities Market Gains 604.22 Points on September 4

On September 4, 2023, the Nigerian equities market continued its positive trend, with the All-Share Index (ASI) gaining 604.22 points, closing at 246,992.44 points, a 0.25 percent increase from the previous day. The market capitalisation rose by ₦405 billion, from ₦159.153 trillion to ₦159.558 trillion.

Despite this positive movement, the market exhibited a negative breadth, with 31 stocks declining compared to 29 gainers. Abbey Mortgage Bank led the gainers with a 10 percent increase, followed by Royal Exchange, Nigerian Breweries, John Holt, and Daar Communications, which also saw significant gains.

Conversely, Red Star Express and Haldane McCall each lost 10 percent, leading the decliners. The performance of Nigerian Breweries was particularly significant due to its status as a large-cap consumer stock.

The market's advance was primarily driven by select stocks rather than widespread appreciation, indicating continued selectivity among investors.