Nigerian Stock Market Rides High as Investors Gain N370 Billion in One Day

Investors in Nigeria’s stock market celebrated a strong rebound on Thursday, adding a whopping N370 billion in market value as investor sentiment brightened across major sectors.

The rally was driven by a surge in key blue-chip stocks, with standout performances from Wema Bank Plc, UAC of Nigeria, and Guinness Nigeria Plc, sending the benchmark All-Share Index (ASI) climbing to 139,863.52 points, up from 139,278.67 the previous day.

By the closing bell, total market capitalization had risen to N88.4 trillion, up from N88.05 trillion on Wednesday, reflecting renewed confidence on the trading floor.

The day’s trading session was largely positive, with 39 stocks gaining, 32 losing, and 86 holding steady across 37,370 transactions, indicating cautious optimism among investors.

Wema Bank and UACN stole the spotlight, both surging 10% to close at N22.00 and N80.30 per share, respectively. Guinness Nigeria wasn’t far behind, jumping 9.96% to close at N117.05, up from N106.45.

On the flip side, some stocks took a hit. Learn Africa Plc, FTN Cocoa Processors, and AXA Mansard Insurance each fell 10%, closing at N6.30, N5.67, and N11.70 per share.

In terms of trading volume, First City Monument Bank (FCMB) dominated the floor, exchanging 121 million shares in 713 deals. It was followed by Universal Insurance Plc with 91 million shares traded and Fidelity Bank Plc with 81 million shares changing hands.

When it came to value, Lafarge Wapco led the pack with transactions worth N3.5 billion, followed by heavyweights Dangote Cement and MTN Nigeria (MTNN), each recording trade values of N2.8 billion, with MTNN seeing unusually high activity across 2,001 deals.

Market analysts say the positive momentum reflects growing investor confidence, possibly fueled by expectations of economic stabilization and improved corporate earnings.

For now, the bulls are back in charge, at least for today.