Nigerian Stock Market Gains N1.47 Trillion Amid Bullish Trend

The Nigerian stock market closed on a bullish note, gaining N1.47 trillion as renewed buying interest in major stocks lifted the market. The NGX All-Share Index increased by 0.92 percent, closing at 247,222.27 points, while market capitalization reached N160.52 trillion, marking a year-to-date return of 58.87 percent.

Despite the positive close, market sentiment was bearish, with 25 decliners outnumbering 23 advancers. Notable gainers included Dangote Cement and First Holdco, both rising by 10.00 percent, closing at N1,111.00 and N144.10 respectively.

Other gainers included Guinea Insurance, Fidelity Bank, and FTN Cocoa Processors. Conversely, Livestock Feeds led the losers with a 9.79 percent decline, followed by Tripple Gee & Company and HBM Nigeria.

Trading activity saw significant increases, with volume, turnover, and deal count rising by 69.56 percent, 13.88 percent, and 6.96 percent, respectively. Cowry Assets Management Limited indicated that sustained buying interest could support further market gains, although negative market breadth may temper momentum.