Nigerian equities market gains N378bn as US halts global tariffs
The Nigerian equities market on Thursday seen a significant boost, gaining N378 billion following the United States global pause on tariffs.
This development has sparked a rally in global financial markets, with stocks rebounding from previous losses. The pause, announced by US President Donald Trump, is a 90-day suspension of new tariffs, aiming to ease fears of an escalating trade war.
The All Share Index (ASI) gained by 601.25 points, representing a growth of 0.58 per cent to close at 104,788.25 points. Also, market capitalisation gained N378 billion to close at N65.848 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; VFD Group, Nigerian Aviation Handling Company (NAHCO), Zenith Bank, Guaranty Trust Holding Company (GTCO) and Fidelity Bank.
The positive momentum resulted in a strong market breadth, with 45 gainers compared to 11 losers. Caverton Offshore Support Group recorded the highest price gain of 10 per cent to close at N2.31, while VFD Group and Neimeth International Pharmaceuticals followed with a gain of 9.92 per cent each to close at N79.80 and N2.88 respectively, per share.
Veritas Kapital Assurance rose by 9.57 per cent to close at N1.03, while Japaul Gold and Ventures appreciated by 9.52 per cent to close at N1.84, per share.
On the other hand, ABC Transport led the losers’ chart by 10 per cent to close at N1.26, per share. Eterna followed with a decline of 9.90 per cent to close at N32.30, while CAP declined by 7.45 per cent to close at N43.50, per share.
Regency Alliance Insurance depreciated by 3.64 per cent to close at 53 kobo, while Nigerian Exchange Group declined by 3.23 per cent to close at N34.50, per share.
Meanwhile, the total volume traded increased by 14.85 per cent to 432.562 million units, valued at N9.719 billion, and exchanged in 12,027 deals. Transactions in the shares of Access Holdings topped the activity chart with 77.861 million shares valued at N1.621 billion. Ellah Lakes followed with 44.244 million shares worth N132.756 million, while Fidelity Bank traded 32.464 million shares valued at N614.790 million.
Zenith Bank traded 30.205 million shares valued at N1.466 billion, while United Bank for Africa (UBA) sold 20.453 million shares worth N718.982 million.
