Nigerian Stock Market Surpasses 197,000 Basis Points

The Nigerian stock market continued its upward momentum as the benchmark index crossed 197,000 basis points, closing at 197,196.98 basis points. This increase was driven by significant gains from companies such as Aradel Hold Plc, which rose by 3.05%, and Oando Plc, which appreciated by 9.97%.

The NGX share index advanced by 0.12%, reflecting a month-to-date return of 2.3% and a year-to-date return of 26.7%. The market capitalization increased by 0.11%, reaching ₦126.584 trillion, an increase of ₦146.87 billion.

Sector performance was mixed, with the NGX Oil and Gas index gaining 2.1%, while the NGX Insurance index declined by 3.1%. The market breadth showed 26 stocks gaining against 41 losers, with Conoil leading gainers at a 10% increase.

Total trading volume rose by 32.6% to 762.53 million units, valued at ₦31.23 billion. Analysts from Coron Research expect the market to remain positive, supported by bullish sentiment and strong fundamentals.