Guinness, Tier-1 Banks Power ₦252.1bn Upswing in Nigerian Equities Market
Nigerian equities rallied again as market capitalisation climbed by ₦252.1 billion, led by a sharp run in Guinness Nigeria and renewed buying in top-tier banks.
The All-Share Index rose modestly as investors rotated into heavyweights that have shown strong earnings momentum and technical breakouts, lifting overall market sentiment late in the trading session.
Guinness stole the spotlight after the consumer-goods counter hit fresh highs following a sustained earnings recovery this year; the stock’s breakout helped push consumer-goods weightings higher and signalled renewed retail and institutional interest.
At the same time, Tier-1 banks including the usual suspects in the blue-chip class attracted steady inflows as market participants positioned for potential year-end dividend announcements and improved full-year results.
Market breadth was healthy: more gainers than losers, with about 30 stocks advancing versus 16 laggards, while turnover was supported by both on-exchange activity and notable block trades.
Analysts told market reporters that “investors continued to channel liquidity into fundamentally sound counters,” a theme that underpinned the day’s rally and reduced the impact of isolated profit-taking.
For investors, the near term looks cautiously constructive. The rally highlights the importance of watching corporate earnings, liquidity flows and off-market block trades that can skew intra day statistics.
Portfolio managers are likely to remain selective favouring companies with improving fundamentals and visible catalysts as the market heads into the typically active year-end window.
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