The Nigerian equities market closed on a strong note today, advancing by 80 basis points to settle at 104,230.75 points. This performance was driven by a rally in telco heavyweight MTNN (+10.00%) and Transcorp (+10.00%), alongside gains in FBNH (+6.61%), Wema (+5.53%), AIICO (+9.94%), and Honeywell Flour Mill (+9.95%). On the downside, weaknesses persisted in Fidelity (-2.90%), Zenith Bank (-1.00%), Oando (-1.18%), and AccessCo (-1.01%), which capped further market gains.
Market turnover came in at N23.7 billion ($15.3 million), buoyed by fragmented trades in Geregu, where 11 million shares worth N11.4 billion were exchanged, though the stock’s price remained unchanged. Active trading in Access and Transcorp also contributed to the activity. Additionally, a noteworthy 113 million shares of FBNH were crossed off-market at N28.50 per share. Year-to-date, the index is up by 1.27%. Looking ahead, we expect the market to trade near its current levels in the next session.