The Nigerian Stock Exchange (NGX) maintained its upbeat performance on Thursday as renewed investor interest pushed the market further into positive territory.
The All-Share Index (ASI) advanced 0.74 per cent to close at 147,950.59 points, while the market capitalization increased by N693.96 billion to N94.32 trillion.
Market sentiment strengthened, with a breadth index of 1.3x indicating a bullish tilt, as 31 winners outperformed 24 laggards. Japaul Gold and Ventures Plc led the list of advancements along with Berger Paints Nigeria Plc, Morison Industries Plc, PZ Cussons Nigeria Plc and The Initiates Plc.
On the other hand, John Holt Plc, Champion Breweries Plc, Eterna Plc, VFD Group Plc and Tripple Gee and Company Plc topped the list of losers.
Performance across sectors was mixed. The insurance index emerged as the biggest mover, rising 2.99 percent on strong buying interest. The consumer goods index also gained 1.15 percent, while the industrial goods index closed slightly higher at 0.01 percent.
However, the banking index fell 0.35 percent, reflecting slight profit-taking by top-tier lenders, while the oil and gas index fell 0.03 percent. The raw materials sector closed flat.
Despite the positive market close, trading activity weakened across all key indicators. The total volume traded fell by 29.10 percent to 529.7 million units, while the value of transactions fell by 0.90 percent to N12.31 billion. The number of transactions also fell by 5.23 percent to 18,159 transactions.
Analysts say the market continues to receive support from renewed domestic investor confidence, even as activity levels fluctuate. They expect sentiment to remain largely positive in the near term, boosted by portfolio rebalancing before the end of the year.
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