Market Wrap: Nigerian stock market hits N64 trillion cap as MTNN and HONYFLOUR lead

This robust performance not only broke past the 105,000-barrier but also marked a 1.25% increase from the previous day’s 104,230.73, dismantling the resistance level of 104,562 that had held since March 2024.

However, despite the bullish price action, trading volume fell sharply, declining by 23.4%.

The number of shares exchanged dropped from 639 million the day before to 489 million on this occasion.

Fueled by the rising prices, market capitalization climbed to N64.3 trillion over 13,010 transactions, a significant uptick from the N63.5 trillion recorded in the prior trading session.

Among the day’s highlights, MTNN and HONYFLOUR delivered stellar performances with gains of 10.00% and 9.89%, respectively, reflecting a surge in investor enthusiasm.

Conversely, RTBRISCOE led the decliners with a notable drop of 10.00%, closely followed by SUNUASSUR, which fell by 9.99%.

The trading session was characterized by reduced market participation, with UNIVINSURE and AIICO standing out as the most actively traded stocks, significantly bolstering the day’s turnover.

Market trading volume took a hit, declining by 23.4% to a total of 489 million shares exchanged. Despite this downturn, several key players shone brightly:

In terms of trading value, SEPLAT dominated the market, generating transactions totaling N4.5 billion, a clear sign of robust investor confidence.

In the SWOOT category:   

As for the FUGAZ stocks—comprising FBNH, UBA, GTCO, ACCESSCORP, and ZENITHBANK—outcomes differed:   

The All-Share Index has surpassed the 105,000-point mark, buoyed by strong bullish sentiment despite the drop in market volume.

With positive momentum in mid- and large-cap stocks, the index may soon set its sights on challenging the 106,000-point barrier.