The Nigerian stock market got off to a strong start this week, with fresh investor interest lifting the total value of listed companies past the N160 trillion threshold for the first time. Airtel Africa led the charge after its share price climbed 8.59 per cent, helping push overall market capitalisation higher by N1.91 trillion, or 1.2 per cent, to close at N160.422 trillion.
That single-day jump in Airtel Africa also made it the largest company on the exchange by market value, reaching N23.7 trillion at the close of trading. The benchmark All-Share Index rose 2,956.15 points, or 1.20 per cent, finishing at 248,529.75 points compared with 245,573.60 points the previous week. Year-to-date returns improved to 59.71 per cent as a result.
Trading remained mixed, with more stocks posting losses than gains. Thirty-six companies declined while only twenty-three advanced. Fortis Global Insurance topped the gainers after rising 10 per cent to N2.86 per share. Chams Holding Company followed with a 9.80 per cent increase to N4.48, while NAHCO gained 9.29 per cent to close at N153.00. Airtel Africa ended at N6,300.00 and Sovereign Trust Insurance added 6.59 per cent to finish at N1.78.
On the losing side, AVA Capital dropped 10 per cent to N9.90 per share. Ecobank Transnational fell 9.92 per cent to N64.95, and Caverton Offshore Support Group slipped 9.09 per cent to N5.00. Ikeja Hotel lost 8.41 per cent to close at N43.00, while FTN Cocoa Processors declined 8.37 per cent to N8.10.
Activity on the exchange was lighter than the prior week. Total volume traded fell 25.11 per cent to 1.137 billion shares, worth N27.017 billion across 59,185 deals. Consolidated Hallmark Holdings led the volume chart with 354.069 million shares valued at N1.534 billion. Fortis Global Insurance came next with 307.343 million shares worth N818.333 million, followed by Access Holdings, Chams Holding Company and First Holdco.
Market watchers at Cowry Assets Management expect the positive momentum to continue in the days ahead, although some profit-taking could slow the pace of gains.
