Equities Investors Gain N5.11trn as NGX Hits Historic High
Nigerian Exchange (NGX) hit a historic high on Monday as equities investors gained N5.11 trillion due to improved bargain hunting in stocks with solid fundamentals and upside potential.
The local bourse maintained its positive momentum, starting the week with the All-Share Index surging 4.37% to 190,281.57 points, bringing the year-to-date return to 22.28%.
This marks the fourth time the ASI is recording a historic single-day gain above 4% since November 2020, Cowry Asset Limited said in a commentary note.
NGX Market capitalization increased by 4.37%, adding ₦5.11 trillion to reach ₦122.14 trillion. Market breadth was bullish at 1.9x, with 54 advancing stocks outweighing 28 declining counters.
Stockbrokers reported that ABCTRANS, ARADEL, JAIZBANK, MCNICHOLS, and OANDO led the advancers, while RTBRISCOE, DEAPCAP, CAVERTON, GUINEAINS, and TANTALIZER suffered the steepest declines.
Sectoral performance was predominantly bullish: Industrial topped gains with a 7.77% surge, followed by Oil & Gas climbing 4.73%, Banking rising 4.71%, Commodity advancing 3.15%, Insurance gaining 2.45%, and Consumer Goods increasing 1.44%.
Trading activity strengthened across metrics as share volume jumped 13.46% to 1.06 billion units, transaction value rose 19.48% to ₦62.99 billion, and deal count grew 28.30% to 64,237 transactions.
