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Nigerian equities market added ₦192 billion on Thursday as gains in FCMB, Eterna and AVACAP lifted the benchmark index despite a negative market breadth.
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Twenty-four stocks advanced against 35 decliners, highlighting continued selective buying amid sustained profit-taking across several counters.
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MTN Nigeria, Dangote Cement, Seplat Energy, Presco, Custodian Investment and Julius Berger closed unchanged as investors maintained focus on mid-cap opportunities.
August 06, (THEWILL) — Nigeria’s equities market closed higher on Thursday, with investors gaining approximately ₦192 billion as buying interest in selected banking, industrial and consumer goods stocks outweighed losses recorded across a broader segment of the market.
The Nigerian Exchange (NGX) All-Share Index (ASI) rose by 297.10 points, or 0.12 percent, to close at 245,209.34 from 244,912.24 recorded in the previous session.
Similarly, market capitalisation increased from ₦158.086 trillion at the opening of trading to ₦158.278 trillion at the close, reflecting a gain of ₦192 billion.
Market breadth remained negative as 24 stocks appreciated compared with 35 decliners, suggesting that gains in a handful of heavyweight and mid-cap stocks were sufficient to keep the broader market in positive territory.
Buying interest in FCMB, Eterna and AVACAP helped drive the market’s modest rebound, while investors also returned to Honeywell Flour following the previous session’s losses.
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Top Five Gainers
- ETERNA gained 10.00 percent (moving from ₦33.00 to ₦36.30).
- AVACAP gained 9.63 percent (moving from ₦10.90 to ₦11.95).
- LEGENDINT gained 9.52 percent (moving from ₦4.20 to ₦4.60).
- FCMB gained 8.55 percent (moving from ₦11.70 to ₦12.70).
- HONYFLOUR gained 7.98 percent (moving from ₦16.30 to ₦17.60).
READ ALSO: Nigerian Stock Market Extends Decline as Profit-Taking Wipes ₦1tn off Investors’ Wealth in Two Days
Top Five Decliners
- FTGINSURE declined by 10.00 percent (falling from ₦2.80 to ₦2.52).
- ETI lost 9.99 percent (dropping from ₦80.10 to ₦72.10).
- CHELLARAM shed 9.85 percent (declining from ₦13.20 to ₦11.90).
- THOMASWY fell 9.83 percent (easing from ₦3.56 to ₦3.21).
- UPDC declined by 8.45 percent (moving from ₦3.55 to ₦3.25).
Meanwhile, MTN Nigeria Communications, Dangote Cement, Seplat Energy, Custodian Investment, Presco Plc, Julius Berger and several other bellwether stocks closed flat for the session.
Analysts said the market continues to witness selective sector rotation, with investors taking positions in fundamentally attractive mid-cap stocks while booking profits in recently appreciated counters. Market participants are expected to monitor corporate earnings releases and macroeconomic developments for fresh catalysts that could influence trading sentiment in the coming sessions.
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.
