The Nigerian stock market closed on a positive note on Thursday, with the All-Share Index (ASI) advancing by 0.21% to 96,407.88 points. This follows a 0.32% loss on Wednesday. Investors gained N117.51bn, with the market capitalisation increasing to N55.38trn. The year-to-date return also rose to 28.93%.
The Market Breadth Index (MBI) showed a positive sentiment at 0.06x, with 27 gainers and 23 losers. OANDO topped the gainers’ list, while SCOA topped the losers’ list. The total volume traded increased by 116.51% to 966.97m, valued at N7.42bn and traded in 9,851 deals.
The positive performance of the market was driven by buying interests in OANDO (+9.98%), JBERGER (+9.97%), ETERNA (+9.86%), NB (+1.07%), GTCO (+0.22%), and 22 others.
The Nigerian stock market has been experiencing volatility in recent times, but the recent rebound is a positive sign for investors. The market is expected to continue its upward trend, driven by the positive sentiment of investors and the improving economic conditions in the country.
In addition to the positive performance of the market, the Nigerian economy has been experiencing growth, with the GDP growing by 3.19% in the second quarter of 2024. The growth was driven by the non-oil sector, which grew by 3.54%, while the oil sector grew by 2.24%.
The positive performance of the market and the economy is a good sign for investors, and it is expected that the market will continue to grow in the coming days.
