Nigerian Exchange Hits N60trn as Banking Index Spikes
The equities market capitalisation of the Nigerian Exchange (NGX) hit N60 trillion, its all-time high due to strong buying interest in banking stocks. Data from the local bourse showed that trading activities ended on a positive note, with key performance indicators gaining 25 basis points on Thursday.
The All-Share Index inched higher by 245.53 basis points to closing at 99,189.95, according to market data from the local bourse. Bullish momentum continued for the fourth consecutive sessions, driven by heightened investors buying interest in major market sectors, particularly in the Banking sector, which grew by 2.61%, Atlass Portfolios Limited said in an update.
Again, equities market activities inched higher as the total volume and total value traded in the market increased by 41.29% and 89.56% respectively.
Stockbrokers told investors that approximately 400.91 million units valued at ₦15,715.80 million were transacted across 9,211 deals. UBA was the most traded stock in terms of volume, accounting for 14.59% of the total volume of traded in the NGX platform on Thursday.
Other volume drivers include JAPAULGOLD (8.78%), CUSTODIAN (8.42%), ACCESSCORP (7.59%), and ZENITHBANK (6.25%). ARADEL emerged as the most traded stock in value terms, accounting for 26.99% of the total value of trades on the exchange.
ACCESSCORP topped the advancers’ chart with a price appreciation of 9.95 percent, trailed by ACADEMY which popped higher by +9.79%. Other gainers include UPDC (+8.90%), CORNERST (+7.60%), VERITASKAP (+5.96%), HONYFLOUR (+5.56%) and twenty-one others.
Trading record reveled that nineteen stocks depreciated on the Nigerian Exchange where ROYALEX was the top loser, with a price depreciation of -9.72%. Other decliners include INTBREW (-6.24%), LIVESTOCK (-6.06%), CHAMPION (-5.41%), REGALINS (-3.51%), and UCAP (-1.64%).
Given the trading direction, the market breadth closed positive, recording 27 gainers and 19 losers. In addition, the market sector performance was positive, as four of the five major market sectors.
The Banking sector grew by +2.61%, followed by the Insurance sector which gained +0.68% while the Oil & Gas sector advanced by +0.04%, and the Industrial sector popped up by +0.03%. On the other hand, the Consumer goods sector was down by -0.77%.
Overall, the equities market capitalisation of the Nigerian Exchange gained N148.77 billion to close at N60.10 trillion. #Nigerian Exchange Hits N60trn as Banking Index Spikes CBN Defends Naira with $39m in Forex Market
