MTN, GTCO Drive NGX Rally, Market Cap Surges Near N129trn
The Nigerian Exchange (NGX) market capitalisation expanded to about N129 trillion on Wednesday, with large-cap stocks: MTN Nigeria, GTCO, gaining momentum.
The market closed trading activities for today on a positive note, as key market performance indicators both appreciated by 0.11%.
Stockbrokers said the uptick indicated continued buying interest in selective medium- and large-cap stocks, including MTNN (2.41%) and GTCO (3.2%), across major market sectors.
Specifically, the market index added 219.87 basis points to close at 200,925.75. Likewise, market capitalisation increased by ₦141.14 billion, or 0.11%, to ₦128.98 trillion.
Total volume of all trades and the total value traded declined by -55.31% and -55.91%, respectively. Stockbrokers reported that approximately 537.99 million units valued at ₦25,385.06 million were transacted across 45,641 deals.
WEMABANK was the volume driver, accounting for 20.38% of all units traded on the local bourse, followed by ACCESSCORP (8.35%), ZENITHBANK (6.61%), GTCO (4.99%), and FIDELITYBK (4.14%).
MTNN accounts for 16.86% of the total trade value, making it the most traded on the exchange.
LEGENDINT topped the gainers chart, up by +10.00%, trailed by ZICHIS (+9.93%), PREMPAINTS (+9.93%), JOHNHOLT (+9.79%), CONHALLPLC (+6.26%), GUINEAINS (+5.74%), and twenty-six others.
A total of thirty stocks depreciated, according to trading data obtained from the domestic bourse. With a price depreciation of -9.97%, FIDSON topped the worst performers’ chart, followed by AUSTINLAZ (-9.89%), LIVINGTRUST (-7.08%), NSLTECH (-7.04%), STERLINGNG (-5.56%), and ZENITHBANK (-5.32%).
Hence, the market breadth closed on a positive note, with 32 gainers and 30 losers. Sectoral performance was positive, reflecting broader market momentum.
The Insurance sector increased by +0.76%, followed by the Consumer goods sector (+0.42%), and the Oil & Gas sector (+0.0005%). The Banking and Industrial goods sectors declined by -0.98% and -0.11%, respectively. Nigerian Court Overrules CBN over Union Bank Board Dissolution
