NGX Market Cap Tops N152trn as Investors Gain N5.5trn
Equity investors posted N5.5 trillion in capital appreciation on the Nigerian Exchange (NGX) as bargain hunting heated up amid the first-quarter earnings release.
Despite unimpressive earnings performance by some banks, investors maintained unwavering buying interest across sectoral names.
With fear of missing out, the local bourse sustained a strong bullish momentum on Wednesday, crossing the ₦152 trillion mark.
The Nigerian Exchange All-Share Index advanced by 3.77% on Wednesday to close at 369,303.21 points, lifting the year-to-date return to +51.85%, according to stockbrokers’ daily market report.
Consequently, market capitalisation increased by ₦5.55 trillion to ₦152.73 trillion as investors target stocks with healthy upside potential.
Market breadth remained positive at 1.15x, with 48 gainers led by CAP, UACN, ZICHIS, AIRTELAFRICA, and PZ outpacing 42 decliners. On the flip side, the top laggards included CADBURY, JOHNHOLT, ETRANZACT, MORISON, and HMMCALL.
Stockbrokers reported that NGX sectoral performance was broadly positive, with gains recorded across the Banking (+1.92%), Consumer Goods (+1.01%), Oil & Gas (+4.54%), Industrial Goods (+6.14%), and Commodities (+2.75%) sectors, while the Insurance sector declined by 1.01%.
Trading activity strengthened during the session, as the number of deals and volume traded rose by 11.49% and 38.96% to 83,445 trades and 1.33 billion shares, respectively.
However, total traded value dipped slightly by 1.96% to ₦69.09 billion.
Looking ahead to Thursday’s session, Cowry Asset Limited told investors that the market is expected to maintain its bullish bias, underpinned by continued investor positioning ahead of anticipated full-year dividend announcements, which typically spur accumulation at this stage of the earnings cycle.
