The Nigerian stock market closed on a bullish note on Thursday, extending its upward momentum as investors recorded a substantial gain of N3.36 trillion in market value ahead of the May 1 Workers’ Day public holiday.
Market data from the Nigerian Exchange showed that total market capitalisation rose sharply from N152.728 trillion at the beginning of trading to N155.994 trillion at the close of the session. This significant increase reflects renewed investor confidence and sustained demand for equities across key sectors.
Similarly, the All-Share Index recorded strong gains, climbing from 237,205.59 points to close at 242,277.81 points, indicating broad-based positive sentiment in the market.
Trading activity ended with a positive market breadth, as 46 listed stocks posted gains compared to 40 decliners. Analysts say the performance suggests a gradual recovery in investor sentiment following earlier volatility in the week.
Blue-chip stocks led the rally, with notable performers including CAP, FTN Cocoa, UACN, Unilever, and Seplat. Each of these equities recorded the maximum permissible daily gain of 10.00 per cent, contributing significantly to the overall market uplift.
On the losing side, Alex emerged as the worst performer, with its shares declining by 9.95 per cent to close at N9.50. Other notable losers included Royal Exchange, which fell by 9.93 per cent, and Legend Identity, which dropped by 9.32 per cent.
The positive close marks a continuation of the Nigerian Exchange’s recovery trend over the past two trading sessions, effectively reversing the bearish sentiment that dominated earlier in the week.
Market analysts attribute the recent gains to bargain hunting by investors, improved corporate outlooks in select sectors, and renewed interest in fundamentally strong stocks. The proximity to the Workers’ Day holiday also contributed to increased speculative positioning as traders adjusted portfolios ahead of market closure.
Despite lingering macroeconomic pressures, including inflationary concerns and currency volatility, the latest performance suggests cautious optimism among investors in the Nigerian equities market.
With momentum currently tilted to the upside, market watchers will be closely monitoring trading activity after the holiday to determine whether the bullish trend can be sustained into the new month.