Nigerian Stock Market Gains N1.7 Trillion Amid Buy Interest

The Nigerian stock market experienced a significant gain of N1.7 trillion, driven by sustained buy interest in MTN Nigeria Communications PLC and other stocks. The Nigerian Exchange Limited All-Share Index (NGX ASI) rose by 1.39%, closing at 193,073.57 basis points.

Consequently, the market capitalization increased to N123.934 trillion. The market breadth was positive, with 49 stocks advancing compared to 28 declining.

Okomu Oil and Fortis Global Insurance recorded the highest price gains of 10%, closing at N6.93 and N1.46 respectively. Other notable gainers included Infin Trust Mortgage Bank, Zichi Agro, and Japaul Gold Ventures, which rose by 9.96%, 9.96%, and 9.91% respectively.

Conversely, McNichol Multiverse Mining Exploration and Securities Electron Technology led the losers' chart, both declining by 10%. The total volume of trade fell by 75.51% to 898.481 million units, valued at N38.476 billion across 61,953 deals.

Analysts from Imperi Asset Management Limited anticipate sustained interest in fundamentally sound equities in the upcoming trading session.