The Nigerian equities market closed higher on Thursday, with investors gaining N192bn as buying interest in selected banking, energy and consumer goods stocks outweighed losses across a broader segment of the market.
The Nigerian Exchange Limited All-Share Index rose by 297.10 points, representing a 0.12 per cent increase, to close at 245,209.34 points from 244,912.24 points recorded in the previous session.
Similarly, market capitalisation increased from N158.086tn at the opening of trading to N158.278tn at the close, reflecting a N192bn gain for investors.
Despite the positive movement in the benchmark index, market breadth remained negative, with 24 stocks appreciating compared with 35 decliners.
The trend reflected continued selective buying and sustained profit-taking across several stocks, although gains in mid-cap counters were enough to keep the benchmark index in positive territory.
Buying interest in FCMB Group, Eterna and AVA Capital Partners supported the market’s modest rebound, while investors also returned to Honeywell Flour Mills following its losses in the previous session.
Eterna led the gainers’ table, appreciating by 10 per cent to close at N36.30 per share from N33.00.
AVA Capital Group gained 9.63 per cent to close at N11.95 from N10.90, while Legend Internet rose by 9.52 per cent to N4.60 per share from N4.20.
FCMB Group surged by 8.55 per cent to close at N12.70 from N11.70, while Honeywell Flour Mills gained 7.98 per cent to end the session at N17.60 per share from N16.30.
On the decliners’ table, FTN Cocoa Processors led the losses, dropping by 10 per cent to close at N2.52 per share from N2.80.
Ecobank Transnational Incorporated shed 9.99 per cent, falling from N80.10 to N72.10, while Chellarams declined by 9.85 per cent to close at N11.90 from N13.20 per share.
Thomas Wyatt Nigeria fell by 9.83 per cent to N3.21 from N3.56, while UPDC Real Estate declined by 8.45 per cent to close at N3.25 from N3.55 per share.
Meanwhile, bellwether stocks including MTN Nigeria Communications, Dangote Cement, Seplat Energy, Custodian Investment, Presco and Julius Berger closed flat during the session.
The unchanged performance of the major stocks suggested that institutional investors remained focused on opportunities in mid-cap counters, despite the broader market’s mixed performance.
