Flour Mills Nigeria, alongside other key players in the Nigerian equity market, propelled the market to a significant gain of N323 billion in market capitalization on Monday.
The bullish momentum saw the market capitalization and the All Share index rising by 0.58 percent to settle at N56.52 trillion and 99,793.71 points, respectively.
This surge represents a notable increase from the previous trading session and contributed to a year-to-date return of 33.5 percent, up from 32.8 percent.
Market participants witnessed heightened activity levels as both volume and value exchanged surged by 148.3 percent and 83.6 percent, reaching 963.5 million units and N13.5 billion, respectively.
The banking and oil & gas sectors emerged as the leading gainers, with respective increases of 2.7 percent and 3.1 percent.
This sectoral performance further fueled investor optimism and contributed to the overall market rally.
Flour Mills Nigeria stole the spotlight among gainers with a remarkable 10 percent appreciation, closing at N41.80 per share.
Similarly, Total Nigeria and Access Holding recorded significant gains of 9.88 percent and 9.86 percent, closing at N353.60 and N18.95, respectively.
However, not all stocks shared in the bullish sentiment, as E-Tranzact International, Daar Communications, and Champion Breweries emerged as the top losers, shedding 9.90 percent, 9.52 percent, and 6.67 percent, respectively.
Fidelity Bank emerged as the most traded security by value, with N6.03 billion worth of shares exchanged in 417 deals.
On the other hand, Abbey Mortgage Bank led the volume chart with 2,919 units traded in 12 deals.
The significant surge in market capitalization and the robust trading activity reflect growing investor confidence and optimism in the Nigerian equity market.
Despite recent fluctuations, the market continues to attract interest from both domestic and foreign investors, driven by promising economic indicators and corporate performance.
Looking ahead, analysts anticipate continued market resilience, with expectations of increased capital raising operations and sustained investor appetite for high-yielding assets.
However, uncertainties surrounding interest rate movements and global economic dynamics remain key factors influencing market sentiment in the near term.