Nigerian Stocks Surge, Investors Gain N1.86trn
Nigerian Exchange (NGX) market capitalisation rose further on Tuesday, with investors’ wealth increasing by N1.86 trillion following sustained buying activity.
Stockbrokers noted sharp buying across sectoral names, with dividend stocks attracting investors ahead of the third-quarter earnings season.
Details from the local bourse showed that the market index climbed by 124 basis points, increasing the year-to-date return on the exchange to 52.35%.
The NGX ASI maintained its strong momentum, recording a 1.24% gain, increasing by 2,905.05 basis points to close at 237,083.28 basis points. Market capitalisation gained about N1.86 trillion, a 1.24% increase, to settle at N152.14 trillion.
Total volume reduced to 493.42 million, trade value to N27.84 billion, and the number of deals to 38,691, compared with the last trading session, in which 538.60 million units of shares valued at N38.69 billion were exchanged in 63,976 deals.
ZENITHBANK topped both the volume and value charts, with 94.29 billion units and N9.91 billion in trades. The performance was largely driven by price gains in DANGCEM (+5.40%), MTNN (+2.62%), WAPCO (+4.83%), and FIRSTHOLDCO (+4.38%).
Similarly, market sentiment was bullish with market breadth printing at 3.12x, as 53 gainers outweighed 17 laggards. CADBURY (+10.00%) and ZICHIS (+10.00%) topped the gainers’ chart,
Top losers include CMFC (-10.00%), FTGINSURE (-10.00%), and TRANSEXPR (- 9.99%).
Sector performance was largely bullish, as all six major indices advanced in today’s session. The Industrial Goods (+3.36%) index emerged as the top performer, followed by the Insurance (+1.18%) index, driven by gains in DANGCEM (+5.40%) and CORNERST (+7.02%), respectively.
Renewed interest in ARADEL (+1.62%) boosted the Oil & Gas (+0.60%) and Commodities (+0.47%) indices. The Consumer Goods (+0.49%) and Banking (+0.07%) Indices also closed positive, supported by price upticks in INTBREW (+6.63%) and FIRSTHOLDCO (+4.38%), respectively.
The market recorded N3.17 trillion in gains on Monday; hence, the two-day rally has boosted investors’ combined wealth by N5.03 trillion. Airtel Africa Gains 21%, Market Value Surges Near N20trn
