Nigerian Stock Market Surges N652bn on Blue-Chip Rally

On September 15, Nigeria's stock market experienced significant gains, with market capitalisation increasing by N652 billion to reach N158.399 trillion. The All-Share Index rose by 1,005.27 points, or 0.41%, closing at 244,304.51 points.

Market breadth improved, with 34 stocks advancing compared to 26 that declined, a shift from the previous session's 20 gainers and 28 losers. Notable performers included Read also, which surged 9.95% to N179.00 per share, and Aradel Holdings, which increased by 9.62% to N1,550.00.

Conversely, Ecobank Transnational Incorporated saw the largest decline, falling 10% to N66.60. Mutual Benefits Assurance led in trading volume with 38.995 million shares valued at N113.42 million.

Investment firm Imperial Asset Managers Limited expressed a cautiously positive outlook for the market, although they warned that ongoing activities could compete for available cash as investors adjust their portfolios.