Nigerian stock market extends rally as investors record significant N3.36tn gain

The Nigerian stock market maintained its bullish momentum on Thursday, as investors recorded a significant N3.36 trillion gain in portfolio value ahead of the May 1 Workers’ Day holiday.

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Market data showed that total capitalization surged from an opening value of N152.728 trillion to close at N155.994 trillion, reflecting renewed investor confidence. Similarly, the All-Share Index climbed from 237,205.59 at the start of trading to settle at 242,277.81.

The session closed with positive market breadth, as 46 stocks posted gains compared to 40 decliners.

Leading the gainers’ chart were blue-chip stocks such as CAP, FTN Cocoa, UACN, Unilever, and Seplat, all of which recorded the maximum daily gain of 10.00 percent.

Conversely, Alex topped the losers’ table after its shares dropped by 9.95 percent to close at N9.50. Royal Exchange and Legend Identity also recorded declines of 9.93 per cent and 9.32 per cent, respectively.

DAILY POST reports that the Nigerian Exchange has now sustained a strong upward trend over the past two sessions, reversing the bearish start recorded earlier in the week.