The Nigerian equities market recorded a major rally on Friday as investors gained N3.1 trillion at the close of trading on the Nigerian Exchange (NGX), driven by strong performances from stocks including Neimeth International Pharmaceuticals Plc, Cadbury Nigeria Plc and LivingTrust Mortgage Bank Plc.
The market’s benchmark All-Share Index (ASI) rose sharply from 239,734.61 points recorded on Thursday to 244,670.65 points, reflecting renewed bullish sentiment among investors.
Similarly, market capitalisation increased from N153.8 trillion to N157 trillion after five hours of trading on the NGX floor.
Trading activity closed on a positive note, with 38 stocks posting gains, 34 recording losses, while 76 equities remained unchanged across 69,996 deals.
A total of 1.06 billion shares valued at N55 billion exchanged hands during the session.
Among the top gainers, Neimeth, Cadbury and LivingTrust appreciated by 10 per cent each. Neimeth rose from N9.00 to N9.90 per share, Cadbury climbed from N66.00 to N72.60, while LivingTrust advanced from N3.20 to N3.52 per share.
On the losers’ chart, UAC of Nigeria Plc, Industrial and Medical Gases Nigeria Plc and Eterna Plc led the decline.
Their share prices dropped by 10 per cent, 10 per cent and 9.93 per cent respectively. UACN closed at N171.00 from N190.00, IMG fell to N42.30 from N47.00, while Eterna declined to N33.55 from N37.25 per share.
In terms of trading volume, VFD Group Plc topped the activity chart with 102 million shares traded in 330 deals. FCMB Group Plc followed with 99 million shares exchanged in 755 deals, while United Bank for Africa Plc traded 94 million shares in 3,365 deals.
On the value chart, MTN Nigeria Communications Plc led with transactions worth N6.8 billion in 5,928 deals. Dangote Cement Plc followed with trades valued at N5.9 billion in 2,199 deals, while Zenith Bank Plc recorded N5.7 billion worth of shares traded in 5,041 deals.
