Market value surges to N93.8tn as NGX uptrend persists
The Nigerian Exchange Limited on Wednesday extended its gaining streak as the equities market added N20bn in value, bringing the total market capitalisation to N93.8tn at the close of trading.
The benchmark All-Share Index advanced by 31.24 points, or 0.02 per cent, to settle at 147,742.20 points, reflecting sustained investor interest across key sectors despite a slowdown in market activities.
At the close of trading, investors exchanged 388.93 million shares worth N12.36bn in 22,986 deals. This represented a 21 per cent decline in volume, a 29 per cent drop in turnover, and a 10 per cent fall in the number of deals compared with Tuesday’s session.
A total of 127 listed equities participated in the trading, ending with 33 gainers and 28 losers. Skye Shelter Fund led the gainers’ chart with a 9.88 per cent rise to close at N418.75 per share. Royal Exchange followed with a 7.37 per cent gain to end at N2.33, while International Energy Insurance and Julius Berger appreciated 6.05 per cent and 5.51 per cent, respectively, to close at N2.98 and N134 per share
On the losers’ chart, Tripple Gee and Company emerged as the worst-performing stock, shedding 9.91 per cent to close at N4.91. Industrial and Medical Gases dropped 9.87 per cent to N32.40, UAC of Nigeria lost 6.46 per cent to settle at N68, while Ellah Lakes declined 4.66 per cent to N13.30 per share.
Fidelity Bank recorded the highest volume of trade for the day with 46.9 million shares valued at N942.31m, followed by Chams with 24.8 million shares worth N101.42m. Zenith Bank traded 20.8 million shares valued at N1.42bn, while Access Holdings accounted for 19.2 million shares worth N495.35m.
In terms of value, Zenith Bank topped the chart with N1.42bn, followed by Nigerian Breweries with N1.27bn, Fidelity Bank with N942.31m, GTCO with N869.05m, and Stanbic IBTC with N723.52m.
Performance across major market indices was largely positive. The NGX Top 30 Index by 0.07 per cent, and the Consumer Goods Index gained 0.09 per cent, while the NGX Pension Index and Industrial Index appreciated 0.09 per cent and 0.08 per cent, respectively.
Meanwhile, the Premium Index closed higher by 0.04 per cent, buoyed by renewed interest in banking and industrial stocks.
Overall, the market has recorded a one-week gain of 1.39 per cent, a four-week rise of 4.38 per cent, and a year-to-date growth of 43.54 per cent, indicating sustained bullish sentiment among investors.
Analysts noted that despite profit-taking activities in some counters, market fundamentals remained strong, supported by impressive third-quarter earnings expectations and increased positioning by institutional investors.
