Nigerian equities market continued its bullish momentum for a fourth straight session on Thursday, extending gains on the Nigerian Exchange (NGX) as investor confidence remained firm and uplifted valuations across key stock categories.
The latest trading session saw a significant appreciation in market capitalisation of approximately ₦283 billion, pushing the total value of listed equities higher amid selective buying pressure.
Tribune OnlineThe NGX All-Share Index (ASI) closed higher, reinforcing the ongoing positive trend that has characterised trading this week.
The rally was largely driven by strong performances in energy and commodity stocks, with heavyweight names such as SEPLAT Energy Plc recording notable upticks as investors rotated funds into segments with perceived value and growth prospects.
The broad market advance was reflected in the positive market breadth, where advancing stocks outnumbered declining issues, signalling a moderated but still constructive outlook among market participants.
Although trading activity in terms of total share volume and transaction count experienced a contraction compared with the prior session, price appreciation in select counters supported the overall upward trajectory.
While the consumer goods index showed a minor dip, investors remained focused on sectors demonstrating stronger near-term earnings or strategic resilience.
Analysts observing the session interpreted the divergence between rising equity prices and declining trading volumes as indicative of selective accumulation rather than broad-based participation, with investors favouring large-cap and mid-cap stocks offering yield and growth potential.
The sustained rally carries the NGX ASI above key psychological thresholds, maintaining its position on a multi-day climb with mounting total market capitalisation nearing the ₦115 trillion mark.
Source: DailyPost.ng
