Stocks extend rally, add N3.39trn in nine-day gain

The Nigerian stock market sustained its bullish momentum on Friday, recording a ninth consecutive session of gains as market capitalisation surged by N3.391 trillion.

The All-Share Index climbed 5,266.55 points, or 2.49 percent, to close at 217,167.57, lifting market capitalisation from N136.435 trillion to N139.826 trillion.

Year-to-date return rose to 39.56 percent, while market breadth remained positive with 44 gainers against 27 losers.

Strong buying interest in NAHCO, Trans-Nationwide Express, Ecobank Transnational, Access Corporation, Daar Communications, and 39 other equities drove the rally.

A Lagos-based market analyst attributed the sustained buying momentum to improved investor sentiment and anticipation of stronger corporate earnings across the banking and industrial sectors.

NAHCO and Trans-Nationwide Express led the gainers’ chart, each rising 10 percent to close at N220 and N6.05 respectively.

Ecobank Transnational gained 9.97 percent to N67.30, Access Corporation rose 9.93 percent to N29.90, and Daar Communications advanced 9.64 percent to N1.82.

On the losers’ side, Mecure led the decline, falling 9.96 percent to N60.60, followed by Honeywell Flour, which shed 9.52 percent to N19, and Abbey Mortgage Bank, which closed at N8.10.

E-Tranzact dropped 9.27 percent to N18.60, while Caverton Offshore Support Group fell 9.02 percent to N5.55.

Total traded volume surged 115.08 percent to 1.26 billion shares worth N54.35 billion across 56,923 deals.

Sterling Bank led the volume chart with 383.85 million shares, accounting for 30.51 percent of total trades, while Aradel topped the value chart at N9.75 billion, representing 17.94 percent of the day’s turnover.