Nigerian stocks gain N233bn as renewed buying lifts market capitalisation

Investors on the Nigerian Exchange recorded a combined gain of N233 billion on Thursday, as renewed buying interest across select equities pushed the market into positive territory.

The upbeat session was driven by increased demand for stocks such as RT Briscoe, SCOA, Deap Capital, Veritas Kapital Assurance, Zichis Agro Allied Industries and dozens of other equities, helping the market extend its recent recovery.

As a result, total market capitalisation rose by 0.22 per cent to ₦105.969 trillion, up from N105.736 trillion at the close of the previous trading session. In the same vein, the All-Share Index (ASI) appreciated by 362.93 points, or 0.22 per cent, to close at 165,527.31, compared with 165,164.38 previously.

Market breadth closed positive, reflecting broad-based gains, as 41 stocks advanced while 27 equities recorded losses during the session.

RT Briscoe led the gainers’ chart after appreciating by the maximum 10 per cent to close at N7.15 per share. Other notable advancers included SCOA, Deap Capital and Veritas Kapital Assurance. On the downside, Haldane McCall topped the losers’ table, shedding 9.84 per cent to close at N3.94 per share.

Union Dicon Salt, University Press, Legend Internet and Austinlaz were also among the decliners. Trading activity was mixed. Total volume traded increased by 10 per cent, while the value of transactions declined by seven per cent and the number of deals fell by nine per cent.

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Overall, a total of 691.4 million shares valued at N15.4 billion were exchanged in 38,665 transactions. This compared with 623.18 million shares worth N16.5 billion traded in 42,172 deals during the previous session.

Cutix emerged as the most actively traded stock by volume, with 144.62 million shares changing hands, accounting for 20.92 per cent of total market volume. The development marked a shift from recent trading sessions that were largely dominated by banking stocks.

In terms of value, Aradel Holdings recorded the highest turnover, with trades worth N2.67 billion, representing 17.36 per cent of the total value of transactions for the day.

The positive performance of the Nigerian stock market came despite a downturn in major United States equities, as key indices such as the S&P 500 and Nasdaq, alongside heavyweight stocks including Microsoft and other big tech names, closed lower during the same trading period.

Analysts said the divergence highlights sustained local investor interest in Nigerian equities, even amid weaker sentiment in global markets.