NGX Index Soars, ARADEL, AIRTEL Drive N2.3trn Gain
The Nigerian Exchange (NGX) All-Share Index soared sharply midweek, driven by positive price movement recorded by some blue-chip companies.
Aradel, Airtel Africa, among others, led the momentum that pushed key performance indicators upward amidst headline inflation surging to 15.38% in March, from 15.06% in February.
Due to the sharp rally, the NGX All-Share Index edged higher by 1.69% to settle at 209,317.41 points, pushing the year-to-date return to +34.51%.
This strong performance boosted market capitalisation by ₦2.28 trillion to ₦134.77 trillion, representing a 1.72% increase, partly driven by the supplementary listing of 3.62 billion units of Champion Breweries Plc.
Market breadth was positive at 1.1x, as 38 advancers led by ARADEL, AIRTELAFRI, ETI, TRANSEXPR, and FTGINSURE narrowly outpaced 36 decliners, with AUSTINLAZ, JOHNHOLT, CWG, CONOIL, and OMATEK recording the most notable losses.
Sectoral performance was mixed, as Oil & Gas (+4.24%), Banking (+3.15%), and Commodity (+2.66%) closed in positive territory, while Insurance (-1.33%), Consumer Goods (-0.20%), and Industrial (-0.09%) dragged on the index.
Trading activity strengthened across the board, with trade volume, turnover, and deal count rising 24.08%, 29.85%, and 0.99% to 706.39 million shares, ₦41.88 billion, and 46,231 transactions, respectively.
Stockbrokers said heading into Thursday’s session, the market is expected to sustain its bullish momentum, underpinned by positive investor sentiment and the continued tailwind from the FTSE Russell Series relisting announcement. FTSE Russell to Upgrade Nigeria to Frontier Market Status in Sept.
