The equities market extended its bullish run on Monday as the All-Share Index crossed the 250,000-point mark, with investors gaining over N3tn amid sustained buying interest in key stocks.
Data from Nigerian Exchange Limited showed that the ASI advanced 2.33 per cent to close at 250,485.54 points, pushing the market’s year-to-date return to 60.97 per cent from 57.30 per cent recorded in the previous session.
Equities market capitalisation rose from N157.09tn to N160.26tn, while total market capitalisation stood at N215.89tn at the close of trading.
The rally was driven by strong demand for stocks, including RT Briscoe, FTN Cocoa Processors and Livestock Feeds, alongside continued activity in banking and telecommunications counters.
Trading activity strengthened during the session as total volume traded rose 30.82 per cent to 1.51 billion shares, while the value of transactions increased 17.23 per cent to N70.10bn exchanged in 95,093 deals.
Investor sentiment also improved sharply, with market breadth rising to 2.76x in the previous session as 56 stocks gained against 21 decliners, indicating stronger participation across the market.
Year-to-date equities turnover also increased to N3.37tn, while average daily value traded climbed to N38.74bn, highlighting sustained liquidity and continued investor participation in the market.
Analysts said the continued rally reflects stronger domestic participation, improving liquidity conditions and sustained interest in equities despite mixed sentiment across other asset classes.
Commenting on the market activities, Vice Chairman of Highcap Securities, David Adonri, said the sustained rally reflects improving investor confidence, strong liquidity and increased positioning in fundamentally sound stocks.
“The market is responding positively to improving investor sentiment and increased participation from both institutional and retail investors. We are also seeing renewed confidence in the resilience of listed companies and expectations of stronger corporate performance, which continue to support bullish activity on the Exchange,” he said.
Culled from The Punch