Nigerian Stock Market Surges as Investors Gain N316bn
Market Report: The Nigerian stock market surged on Wednesday as investors gained about N316 billion, with year-to-date return increasing to 57.31%.
The Nigerian Exchange (NGX) maintained its upward trajectory as investors maintained positive sentiment in stocks with strong fundamentals and upside potential.
The market index, or All-Share Index (ASI) inched upward by 0.20% to close at 244,791.79 points, adding N315.94 billion to market capitalization, which closed at N158.71 trillion.
Trading activity was mixed, as volume and turnover rose 31.14% and 3.20% to 662.43 million shares and N37.45 billion respectively, while deal count dropped 11.68% to 63,271 transactions.
STERLINGNG was the most traded stock by volume, with 142.04 million shares exchanged in 302 deals, while GTCO topped the value chart with transactions worth approximately N5.27 billion across 3,915 deals.
Top gainers include SOVRENINS (+9.69%) and CHAMPION (+9.50%). On the decliners chart were IMG ( -9.93%) and JOHNHOLT (-9.88%).
Sectoral performance was mixed, as Insurance (+1.56%), Consumer Goods (+0.81%), and Banking (+0.20%) all closed in positive territory, while Oil & Gas (-0.04%) weighed on the index and the Industrial and Commodity sectors ended relatively flat.
The market is expected to sustain its bullish trend as investor sentiment tilts increasingly positive, though residual profit-taking activity could temper the pace of any recovery.
