Nigeria’s equities market advanced further on Thursday, posting its highest single-day gain for the week as investors increased exposure to large-cap stocks including MTN Nigeria Communications Plc (MTNN), Oando Plc and Nigerian Exchange Group Plc (NGX Group).
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) rose by 1.63% to close at 114,616.75 points, up from the previous day’s 112,781.73 points.
Market capitalisation increased by N1.16 trillion to close at N72.275 trillion, compared to N71.118 trillion on Wednesday.
The week-to-date return now stands at 2.57%, pushing the year-to-date gain to 11.36% as investors’ interest in equities ahead of the Eid-ul-Adha celebration surged.
MTNN recorded the most significant gain of the session, rising by N29 or 9.99% to close at N319.20 from N290.20. Oando gained N5.15 or 9.96% to close at N56.85. NGX Group advanced by N3.60 or 10% to close at N39.60.
Other major gainers included Champion Breweries, which added 70 kobo or 10% to close at N7.70, and Morison Industries, which appreciated by 29 kobo or 9.90% to close at N3.22.
The day’s performance was supported by sustained dividend-driven positioning across key counters.
Analysts at Vetiva had earlier projected that selective buying ahead of qualification dates would continue to underpin market sentiment in the absence of macroeconomic catalysts.
Trading activity remained robust. A total of 1.46 billion shares valued at N33.47 billion were exchanged in 16,410 deals. Notable volume movers included Fidelity Bank, Legend Internet, Zenith Bank, Japaul Gold and GTCO.
Investor sentiment continues to be driven by strong fundamentals in key stocks, dividend expectations and portfolio rebalancing strategies. Market participants are expected to maintain cautious optimism as trading resumes after the holiday break.
