Nigerian Stock Market Records Positive Growth The Nigerian Exchange Limited (NGX) closed on a strong note yesterday as market capitalisation surged by N365 billion, driven by the release of full-year 2024 financial results from listed companies. At the end of trading, the All-Share Index (ASI) increased by 590.55 points, reflecting a 0.57% gain, closing at 104,549.74 points. Consequently, the total market capitalisation rose to N64.521 trillion. Market Outlook and Projections According to analysts at Vetiva Dealings and Brokerage, corporate earnings and key financial announcements will continue to influence the market as the earnings season progresses. Similarly, Afrinvest Research noted that investor sentiment, measured by market breadth, weakened to -0.20x from the previous -0.03x, with 26 stocks appreciating while 38 declined. They further projected that the market would sustain its positive momentum, fueled by investor revaluation of major stocks as more FY 2024 earnings are unveiled. Top Gainers and Losers The market’s positive performance was largely influenced by price appreciation in large and mid-cap stocks, including Aradel Holdings, Stanbic IBTC Holdings, Nigerian Breweries, Nigerian Aviation Handling Company (NAHCO), and Vitafoam Nigeria. Among the top gainers: Conversely, the market saw significant losses: Market Activity and Trading Volume Trading volume dipped by 22.2%, with a total of 421.618 million shares exchanged, valued at N14.998 billion, across 16,256 deals. The most actively traded stocks included: Conclusion The Nigerian stock market remains bullish, driven by strong earnings reports and investor interest in major tickers. As more FY 2024 financial results are released, analysts expect sustained market growth in the coming sessions. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
