Nigerian Exchange Hits New High as Investors Gain N1.18trn
Nigerian Exchange (NGX) market capitalisation, all share index reached new highs as equities investors gained about N1.18 trillion on a heavy rally supported by increased demand for heavyweight stocks.
Trading activities in the local bourse closed on a positive note, and the hunt for upside bolstered key market performance indicators—year-to-date return also climbed to 13.47%.
Stockbrokers said today’s bullish performance has effectively reversed the recent bearish trend, driven by renewed buying interest across major market sectors, particularly in blue-chip and mid-cap stocks.
Buoyed by sustained demand in MTNN (+4.79%) and renewed interest in energy tickers such as SEPLAT (+9.78%), TRANSPOWER (+8.22%), and ARADEL (+7.36%), the benchmark index (ASI) and market capitalization advanced by 1.63%, reaching new highs of 116,786.87 points and N73.68 trillion, respectively.
Bank stocks rebounded as press releases addressing forbearance loans and Single Obligor Limit (SOL) positions helped ease initial market concerns, CardinalStone Securities Limited said in a note.
Precisely, GTCO (+4.43%) maintained its positive momentum, while ZENITHBANK (+5.32%), UBA (+5.59%), and ACCESSCORP (+4.49%) garnered heightened investor interest, further bolstering the market’s overall performance.
This broad-based rally propelled the market index above the 117,000-point threshold, while the market index surged to a new high of ₦73.91 trillion, up by ₦1,417.01 billion. Market activities were mixed today, as the total volume of all trades conducted on the exchange reduced by 18.70%, while the total value of transactions surged by 1.34%.
In its note, Atlass Portfolios Limited told investors that approximately 640.08 million units valued at ₦26,011.81 million were transacted across 19,727 deals. In terms of volume, ZENITHBANK led the activity chart, accounting for 23.44% of the total volume of all trades consummated, followed by ACCESSCORP (7.60%), UBA (6.72%), NB (5.90%), and FIDELITYBK (4.82%), rounding out the top five.
ZENITHBANK also emerged as the most traded stock in value terms, accounting for 27.70% of the total value of trades on the exchange.
NEM topped the advancers’ chart for today with a price appreciation of 10.00 percent, trailed by BETAGLAS (+9.99%), SEPLAT (+9.78%), THOMASWY (+9.73%), LINKASSURE (+9.56%), REGALINS (+8.62%), and thirty-one others.
Twenty-nine stocks depreciated, according to trading details. ETERNA was the top loser, with a price depreciation of -10.00%. Other decliners include LEGENDINT (-9.66%), IKEJAHOTEL (-3.78%), HONYFLOUR (-2.33%), CHAMPION (-1.44%), and WAPCO (-1.09%).
Today, the market breadth closed positive, recording 37 gainers and 29 losers. Sectoral performance was largely bullish. The Oil & Gas (+7.49%), Commodity (+5.63%), Banking (+3.25%), and Insurance (+2.02%) indexes recorded big moves, driven by strong demand in counters like SEPLAT (+9.78%), TRANSPOWER (+8.22%), ARADEL (+7.36%), GTCO (+4.43%), and NEM (+10.00%), among others.
Also, the Industrial Goods index increased by a meager 0.09% on the back of a marginal price uptick in DANCEM (+0.25%), while the Consumer Goods index shed 0.16%, following sell pressures in NB (-1.19%). Nigerian Exchange Expands as Investors’ Wealth Grows by N486bn
