Nigerian Stock Market Gains N1.47 Trillion Amid Bullish Trend

The Nigerian stock market closed on a bullish note, gaining N1.47 trillion on Friday 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 capitalisation reached N160.52 trillion, enhancing its year-to-date return to 58.87 percent.

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

Guinea Insurance gained 9.41 percent, closing at 93 kobo per share, while Fidelity Bank and FTN Cocoa Processors also saw significant increases. Conversely, Livestock Feeds led the losers with a 9.79 percent decline, closing at N17.05 per share.

Trading activity strengthened, with volume, turnover, and deal count increasing 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.