INVESTORS GAIN N1.755TN AS NGX EXTENDS BULLISH RUN

Investors in the Nigerian stock market made a significant gain of N1.755 trillion as the Nigerian Exchange Limited (NGX) extended its bullish run for the fifth consecutive trading session on Friday.

The All-Share Index rose by 2.85% to close at 102,345.67 points, driven by strong buying interest in banking, consumer goods, and industrial stocks. Market capitalisation increased to N56.8 trillion, reflecting the positive sentiment in the market.

Analysts attributed the sustained rally to improved corporate earnings, positive economic data, and renewed investor confidence in the Nigerian economy. Major stocks such as Zenith Bank, Dangote Cement, and Seplat Energy led the gainers, contributing significantly to the market’s upward movement.

The Director General of the NGX, Mr. Temi Popoola, expressed satisfaction with the market’s performance. “The extended bullish run demonstrates the resilience and attractiveness of the Nigerian capital market. We are seeing increased participation from both local and foreign investors,” Popoola stated.

Trading volume and value were also higher than average, indicating strong market activity. The banking sector was the top performer, benefiting from strong half-year results and positive sentiment around the sector’s stability.

Market watchers believe the bullish trend may continue in the short term if positive economic indicators persist. However, they advised investors to remain cautious and diversify their portfolios to manage risks.

The rebound in the stock market comes as the economy continues to show signs of recovery from previous challenges. Analysts expect the NGX to maintain its positive momentum as more companies release their half-year financial results in the coming weeks.

As the market extends its gains, investors are optimistic about the prospects for the second half of the year. The NGX has assured that it will continue to implement reforms to improve market efficiency and attract more investment.