Market Index Soars as Nigerian Exchange Inches Near N165trn
The All-Share index soared as Nigerian Exchange (NGX) market capitalisation inched near N165trillion in the latest momentum driven by large-cap stocks,
The equities market closed higher on Tuesday, with the market index advancing by 1.07% to 253,990.06 points. Consequently, the market’s year-to-date (YTD) return improved to 63.22%, while market capitalisation rose by ₦1.75 trillion to ₦164.91 trillion.
Despite the positive market performance, investor sentiment remained weak, with 20 stocks gaining against 36 decliners, giving a market breadth of 0.56x.
UPDCREIT, DANGCEM, HONYFLOUR, AVACAP, and NAHCO led gains, while PRESCO, TRIPPLEG, THOMASWY, AUSTINLAZ, and TRANSCORP posted the largest losses.
Sectoral performance was mixed, with the Banking, Consumer Goods, and Industrial Goods indices up 0.01%, 0.05%, and 5.50%, respectively.
Conversely, the Insurance, Oil and Gas, and Commodity indices declined by 2.44%, 0.01%, and 1.04%, respectively. Trading activity improved significantly in volume and value, despite a decline in the number of deals.
Specifically, the number of deals fell by 17.74%, while trading volume and transaction value surged by 1,488.14% and 1,634.62%, respectively. Overall, the session recorded 35,946 deals involving 5.23 billion shares valued at ₦441.47 billion.
Stockbrokers expect the Nigerian equities market to sustain its positive momentum in the near term, supported by renewed buying interest, bargain-hunting opportunities, and continued investor positioning in fundamentally strong stocks.
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