- The Nigerian stock market continued its upward rally, crossing the 250,000 mark amid growing investors’ earnings
- The uptrend in the market was fueled by robust demand in RT Briscoe, FTN Cocoa, and Livestock Feeds
- Stocks like First Hold Co, Access Holdings, FCMB, Champion Breweries etc traded actively at the market
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian equity market All-Share Index crossed the 250,000-point level with investors raking over N3 trillion on sustained buying interests of key stocks on Monday, May 11.
The data obtained from Nigerian Exchange Limited revealed that the All-Share Index(ASI) gained 2.33%, closing at 250,485.54 points. This saw market’s year-to-date gain improve from 57.30% seen during the last session to 60.97%.
Photo: AFP
Source: Getty Images
Stock market movement
At the close of trading on Monday, equities market capitalisation improved from N157.09 trillion to N160.26 trillion, while the total market capitalisation stood at N215.89 trillion.
The rally was boosted by sustained demand for stocks like RT Briscoe, FTN Cocoa Processors and Livestock Feeds, along with sustained activity in banking and telecommunication counters.
Trading activity witnessed a substantial increase during the session as total volume traded grew by 30.82% to 1.51 billion shares and value transacted increased by 17.23% to N70.10 billion, traded in 95,093 deals.
Also, the investor sentiment improved as 56 stocks recording gains while 21 stocks declined.
Most actively traded stocks by value was MTN Nigeria, First HoldCo, Dangote Cement, Zenith Bank and GTCO as it recorded an appreciable sum of the total market turnover value.
The equity market turnover by year-to-date improved to N3.37 trillion as average daily value transacted rose to N38.74 billion.
Top gainers
- Livestock Feeds rose from N8.00 to N8.80, gaining N0.80 (+10.00%).
- IntEnEgIns advanced from N2.60 to N2.86, adding N0.26 (+10.00%).
- RT Briscoe increased from N15.00 to N16.50, gaining N1.50 (+10.00%).
- FTN Cocoa climbed from N8.30 to N9.13, rising N0.83 (+10.00%).
- UHOMREIT appreciated from N70.00 to N77.00, up N7.00 (+10.00%).
Top losers
- Prestige Assurance fell from N1.60 to N1.44, losing N0.16 (-10.00%).
- UPL declined from N4.40 to N4.00, shedding N0.40 (-9.09%).
- Tantalizers dropped from N4.55 to N4.20, down N0.35 (-7.69%).
- NPF Microfinance Bank decreased from N6.40 to N6.00, losing N0.40 (-6.25%).
- Mutual Benefits Assurance slipped from N4.37 to N4.12, down N0.25 (-5.72%).
Photo: Freepick
Source: Getty Images
Most active stocks
- Veritas Kapital traded 194.55 million shares valued at N299.07 million.
- Access Holdings exchanged 172.08 million shares worth N4.18 billion.
- First HoldCo recorded 131.97 million shares valued at N9.80 billion.
- FCMB traded 123.89 million shares worth N1.42 billion.
- Champion Breweries posted 82.99 million shares valued at N1.25 billion.
Dangote unveils plans to sell 10% of refinery
Earlier, Legit.ng reported that the Dangote Group has unveiled plans to sell a 10% stake in its $20 billion refinery through a Pan-African Initial Public Offering (IPO) expected in 2026.
The proposed listing is designed to broaden investor participation across the continent while strengthening Africa’s capital markets.
Dangote noted that the offering would also support long-term funding needs for the group’s expanding industrial footprint.
Source: Legit.ng