By Taiye Olayemi
The Nigerian equities market extended its rally on Monday, lifting market capitalisation above N160 trillion as investors recorded a combined gain of N3.162 trillion.
Capitalisation climbed 2.01 per cent, rising from N157.094 trillion on Friday to N160.256 trillion, underscoring sustained demand across the exchange.
The All Share Index also advanced 5,709.71 points, closing at 250,485.54 and pushing the market year to date return higher.
Trading sentiment remained positive, with 59 gainers against 21 losers, a performance that reflected renewed investor confidence.
Buying interest centred on CHAMS, FTN Cocoa Processors, International Energy Insurance, Livestock Feeds, RT Briscoe and dozens of others.
RT Briscoe, FTN Cocoa, Livestock Feeds, CHAMS and International Energy Insurance each appreciated by 10 per cent.
On the downside, Prestige Insurance, Sovereign Trust Insurance, University Press, Ellah Lakes and Tantalizers posted notable losses.
Market activity strengthened with 1.49 billion shares worth N68.45 billion traded across 94,834 transactions.
Veritas Kapital led by volume, exchanging 194.63 million shares and accounting for 13.10 per cent.
By value, MTN Nigeria dominated dealings, recording trades worth N12.39 billion during the session.
Mr David Adonri, Vice-President of Highcap Securities said: “Renewed confidence, better macroeconomic conditions and stronger liquidity supported demand across major sectors.
“Many stocks closed on full bid, showing aggressive buying interest across the market.”
He explained that there was a lot of demarketing against MTN in the past because of xenophobia.
According to him, investors now understand MTN is effectively a Nigerian stock with strong local ownership.
“Elevated crude prices, improved energy supply and stable conditions are supporting market sentiment.
“Broad money supply has expanded significantly, and liquidity is finding its way into equities,” he said.(NAN)(www.nannews.ng)
Edited by Kamal Tayo Oropo