Nigerian stock market closes bullish, gaining N3.156 trillion as investors rally
Nigerian stocks closed Friday with a N3.156 trillion gain, pushing market capitalisation from N143.946 trillion to N147.102 trillion—a 2.19% rise. The All-Share Index rose 2.19% (4,918.37 points) to 229,240.34, while year-to-date returns improved to 47.31%. Banking, telecoms and oil & gas stocks led the rally, driven by renewed investor interest in those sectors.
The rally shows renewed confidence in key industries, boosting portfolio values for holders of Airtel Africa, The Initiates, Omatek Ventures, Daar Communications or Universal Insurance—each up 10% on the day. For investors, this signals potential upside in these counters, though breadth was mixed with 39 gainers against 14 losers.
Trading activity slowed, with volume down 46.8% to 454.92 million shares worth N27.61 billion across 48,214 deals. Zenith Bank topped activity by volume (49.78 million shares, 10.9% of total) and by value (N5.16 billion, 18.7% of market turnover). Losers included International Energy Insurance (–9.96% to N4.70) and Meyer (–9.95% to N18.55). With mixed breadth and lower turnover, consider whether to follow the sector leaders or stay cautious amid selective buying.