Nigeria: Equities market maintains bullish trend as NGX lists Legend Internet shares
The local stock market sustained its bullish trend as the All-Share Index (ASI) advanced by 0.75 per cent to close at 106,074.26 basis points, driven by buying interest in MTN Nigeria Communications and Lafarge Africa shares.
Accordingly, the Month-to-Date and Year-to-Date returns settled at +0.4 per cent and +3.1 per cent, respectively.
Market capitalisation mirrored this performance, rising by 0.77 per cent to ₦66.67 trillion—an increase of ₦508 billion in investor wealth—largely attributed to the listing of 2 billion units of Legend Internet on the Nigerian Exchange Group.Measured by market breadth, sentiment was positive, with 43 gainers compared to 14 losers.
On the performance board, top gainers included Cadbury Nigeria, Eterna, Ikeja Hotels, Nestlé Nigeria, and Academy Press, each advancing by 10.0 per cent. Conversely, John Holt, Haldane McCall, Multiverse Mining and Exploration, Guinea Insurance, and Japaul Gold Ventures topped the losers' chart, with share prices falling by 10.0 per cent, 9.96 per cent, 9.83 per cent, 8.57 per cent, and 6.91 per cent, respectively.
The session reflected broad-based investor optimism, with most sectors closing in positive territory. The Insurance, Consumer Goods, Oil & Gas, and Industrial Goods sectors recorded gains of 4.32 per cent, 2.25 per cent, 0.27 per cent, and 1.29 per cent, respectively.However, the Banking sector declined marginally by 0.20 per cent, while the Commodities sector ended the session flat.
Despite the market's upward momentum, trading activity was relatively subdued. Total volume and value traded declined by 55.93 per cent and 43.28 per cent, respectively, while the number of deals rose by 8.16 per cent.In total, 328.26 million units valued at ₦10.37 billion were exchanged across 12,142 deals.
Access Holdings led the chart as the most traded stock of the day in terms of both volume and value, with 48.5 million shares worth ₦1.16 billion traded.
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