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NGX closed higher for the third consecutive session, with the ASI rising 604.22 points, or 0.25 percent, to 246,992.44, while market capitalisation increased by ₦405 billion to ₦159.558 trillion.
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Market breadth remained negative, as 31 stocks declined against 29 gainers,
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Abbey Mortgage Bank and Royal Exchange led the gainers at 10 percent each, while Nigerian Breweries rose 9.93 percent. Red Star Express and HMCALL recorded the steepest losses, each falling 10 percent.
September 04, (THEWILL) — The Nigerian equities market extended its positive run on Friday, with the benchmark All-Share Index (ASI) gaining 604.22 points as selected large-cap stocks, led by Nigerian Breweries, pushed the market higher despite a negative breadth.
The ASI opened at 246,388.22 points and closed at 246,992.44 points, representing a 0.25 percent gain.
Similarly, market capitalisation increased by ₦405 billion, rising from ₦159.153 trillion at the opening to ₦159.558 trillion at the close.
The session nevertheless remained broadly mixed, with 31 stocks declining against 29 gainers. The negative breadth indicates that the benchmark’s advance was not broad-based, as gains in selected stocks were sufficient to offset losses across a slightly larger number of counters.
On the gainers’ chart, Abbey Mortgage Bank led the market after appreciating by 10 percent (from ₦7.00 to ₦7.70).
Royal Exchange also gained 10 percent (rising from ₦1.00 to ₦1.10)
Nigerian Breweries advanced 9.93 percent (from ₦75.00 to ₦82.45).
John Holt followed with a 9.89 percent gain (moving from ₦9.10 to ₦10.00).
Daar Communications rose 9.68 percent (from ₦1.55 to ₦1.70).
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The performance of Nigerian Breweries was particularly notable among the session’s major gainers, given its position as a large-cap consumer stock and its potential influence on the overall index.
The gainers’ chart was therefore dominated by financial services, consumer goods and industrial-related counters.
On the decliners’ side, Red Star Express and Haldane McCall led the losses, each shedding 10 percent.
Red Star Express lost 10 percent (fell from ₦15.50 to ₦13.95).
Haldane McCall declined by 10 percent (from ₦4.00 to ₦3.60).
Industrial and Medical Gases (IMG) fell 9.97 percent (from ₦34.10 to ₦30.70).
Juli Plc declined 9.66 percent (from ₦7.25 to ₦6.55).
UPL completed the top five decliners, dropping 9.09 percent (from ₦5.50 to ₦5.00).
The breadth of 29 gainers to 31 decliners points to continued selectivity among investors, despite the positive movement in the benchmark index. It also means the market’s 0.25 percent advance was driven more by the magnitude of gains in selected stocks than by widespread appreciation across the exchange.
Friday’s performance followed Thursday’s marginal advance, when the ASI rose from 246,019.17 points to 246,388.22 points, while market capitalisation increased from ₦158.914 trillion to ₦159.153 trillion.
The two consecutive positive sessions have consequently pushed the benchmark further above the 246,000-point level.
The market has also maintained its position above ₦159 trillion in capitalisation, with Friday’s ₦159.558 trillion close representing an increase of ₦644 billion from Wednesday’s ₦158.914 trillion level.
However, the negative breadth across both sessions suggests that the underlying market remains uneven, with investors continuing to rotate between individual counters rather than buying the market uniformly.
Several major stocks closed unchanged on Friday, limiting broader movement across the market. Dangote Cement, Presco, Custodian Investment, Julius Berger, Champion Breweries and Golden Guinea Brewery were among the stocks that closed flat.
The unchanged positions of several heavyweight and actively traded counters further contributed to the selective character of the session.
Overall, Friday’s trading produced a stronger close for the NGX, with the ASI gaining 0.25 percent and market capitalisation rising by ₦405 billion. Yet the 31 decliners against 29 gainers show that the positive index performance did not translate into broad-based market strength.
The session, therefore, ended with the market extending its advance above 246,000 points, while stock-specific movements continued to determine the direction of individual counters.
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.
