Nigerian Exchange Crossed N87trn as Dangote, GTCO, MTN Rally
Up by about N1.74 trillion, the Nigerian Exchange (NGX) market capitalisation crossed N87 trillion, hitting a new all-time high as bellwether stocks, including GTCO, MTN Nigeria, and Dangote Cement, rallied.
The local bourse closed in positive territory, reflecting sustained buying interest fuelled by second quarter earnings releases from listed companies. NGX key market performance indicators appreciated by 2.03% while year to date return advanced to 33.99%.
The latest market rally pattern was driven by renewed buying interest in medium and large-scale stocks, particularly in BERGER, ELLAHLAKES, MTNN, DANGSUGAR, among others.
Market rally was boosted by investor confidence amidst the continued release of more half-year financial results by quoted companies, with market participants expressing optimism for stronger earnings from firms yet to publish their results.
The All-Share Index grew by 2,746.36 basis points to close at a fresh historic high of 137,912.87 points, representing a 2.03% increase from the previous session.
Trading activities improved, details from the Nigerian Exchange revealed. Total volume and total value of all trades consummated increased by +18.25% and +31.84%, respectively. In its market update, Atlass Portfolio Limited said approximately 940.80 million units valued at ₦30,626.80 million were transacted across 28,358 deals.
In terms of volume, FIDELITYBK led the activity chart, accounting for 11.87% of the total volume of all trades consummated in the market, followed by ROYALEX (7.90%), JAIZBANK (6.49%), UNIVINSURE (4.08%), and ACCESSCORP (3.93%), rounding out the top five.
MTNN emerged as the most traded stock in value terms, accounting for 11.76% of the total value of trades on the exchange. BERGER, HMCALL, LEARNAFRCA, and THOMASWY topped the advancers’ chart for today with a price appreciation of 10.00 percent each.
Other gainers include ELLAHLAKES (+9.99%), MTNN (+9.99%), ACADEMY (+9.96%), DANGSUGAR (+9.94%), UACN (+9.93%) and forty-two others. Twenty-five stocks depreciated, according to data from the local bourse.
ABBEYBDS and NNFM were the top losers, with a price depreciation of -10.00% each, trailed by VITAFOAM (-9.96%), INTBREW (-7.10%), ETRANZACT (-4.76%), MAYBAKER (-3.19%), and OANDO (-1.72%).
Supported by persistent bargain hunting, the market breadth closed positive, recording 51 gainers and 25 losers. Sectoral performance was broadly upbeat, with gains across the board: Banking (+2.34%), Insurance (+1.93%), Consumer Goods (+2.78%), Oil & Gas (+2.46%), Industrial Goods (+4.10%), and Commodities (+1.62%).
Overall, equity market capitalisation surged by ₦1,736.31 billion to settle at ₦87.19 trillion, also marking a 2.03% increase. #Nigerian Exchange Crossed N87trn as Dangote, GTCO, MTN Rally MPC: Analysts Differ on Monetary Easing, Rule Out Interest Rate Hike
