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Investors gained approximately ₦1.58 trillion as sustained buying interest in banking and consumer goods stocks lifted the NGX to another strong close.
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Access Holdings and First HoldCo extended their rally, while Guinness Nigeria led the gainers’ chart with a 10.00 percent price appreciation.
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Positive market breadth strengthened as 36 stocks advanced against 27 decliners, reflecting renewed investor confidence despite profit-taking in selected counters.
July 23, (THEWILL) — The Nigerian stock market maintained its upward momentum on Thursday, with investors gaining approximately ₦1.58 trillion as sustained buying interest in banking and consumer goods stocks outweighed losses recorded in a handful of equities.
Market capitalisation rose from an opening value of ₦158.318 trillion to close at ₦159.893 trillion, while the Nigerian Exchange (NGX) All-Share Index (ASI) advanced by 0.98 percent, climbing from 245,418.37 basis points to 247,831.40.
The positive performance was supported by renewed demand for large-cap banking stocks, particularly Access Holdings Plc and First HoldCo Plc, alongside strong gains in Guinness Nigeria Plc, which topped the day’s gainers’ chart.
Market breadth also remained positive as 36 equities appreciated compared with 27 decliners, reinforcing the market’s bullish undertone.
Price Movement
Top Five Gainers
- Guinness Nigeria Plc gained 10.00 percent (rising from ₦332.00 to ₦365.20).
- Zochis Pharmaceuticals Plc appreciated by 10.00 percent (advancing from ₦24.50 to ₦26.95).
- Access Holdings Plc climbed 9.98 percent (increasing from ₦26.55 to ₦29.20).
- First HoldCo Plc rose by 9.91 percent (moving from ₦110.00 to ₦120.90).
- UPDC REIT appreciated by 9.77 percent (closing at ₦14.05 from ₦12.80).
Top Five Decliners
- Mecure Industries Plc fell by 9.96 percent (declining from ₦69.30 to ₦62.40).
- FTN Cocoa Processors Plc shed 9.16 percent (dropping from ₦9.50 to ₦8.63).
- Omatek Ventures Plc lost 7.89 percent (easing from ₦1.90 to ₦1.75).
- Africa Prudential Plc declined by 4.44 percent (falling from ₦13.50 to ₦12.90).
- Cornerstone Insurance Plc depreciated by 4.35 percent (slipping from ₦5.75 to ₦5.50).
Meanwhile, Dangote Cement Plc, Seplat Energy Plc, Julius Berger Nigeria Plc, Custodian Investment Plc and Presco Plc, among other blue-chip stocks, closed unchanged during the trading session.
Investor sentiment remained upbeat as buying interest continued to flow into banking and consumer goods stocks, extending the market’s recent recovery. The strong market breadth suggests investors remain optimistic about near-term earnings prospects, although selective profit-taking persisted in a few mid-cap counters.
The market is expected to sustain its positive bias if bargain hunting in fundamentally sound stocks continues. However, analysts expect intermittent profit-taking following the recent rally, with investors likely to remain focused on earnings expectations and company-specific developments ahead of the next reporting cycle.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
