The Nigeria Exchange Limited (NGX) witnessed a remarkable surge on Wednesday, with the All-Share Index (ASI) appreciating by 2.04%, soaring to an unprecedented 77,537.57 points. This upswing resulted in a substantial equity gain of N847 billion, propelling the market capitalisation beyond N42.430 trillion.
Market activity displayed an impressive surge as the volume of trades escalated to 927.558 million units in contrast to the previous day’s 515.807 million units. In tandem, there was a notable increase in trade value, rising to N10.69 billion from the previous N5.57 billion.
Notable among the top gainers were DANGSUGAR, NASCON, UBA, BERGER, CUSTODIAN, and FCMB, all gaining 10.00% in value. Conversely, LEARNAFRICA, CHAMPION, CILEASING, NGXGROUP, ELLAHLAKES, and CADBURY experienced varied degrees of decline as the top losers.
In terms of trading volume, FIDELITYBK took the lead with a growth of 9.65% and 108.11 million units traded, followed by FCMB with a 10.00% increase and 79.06 million units. UBA, UNIVINSURE, and ACCESSCORP also made it to the list of top-traded stocks by volume.
On the value front, UBA emerged at the forefront with a 10.00% increase, amounting to N1.54 billion, trailed by FIDELITYBK and ACCESSCORP at N1.31 billion and N1.18 billion, respectively.
Stocks worth over N1 trillion, including BUAFOODS, ZENITHBANK, and GTCO, underwent positive trading, contributing to the market’s overall positive performance. Notably, tier-1 banks like FBNH, UBA, GTCO, ACCESSCORP, and ZENITH BANK all recorded gains, further bolstering market sentiment.
NGX’s continued bullish trend signals a robust market outlook, with key players across various sectors contributing to the market’s buoyancy. This upward trajectory underscores the resilience and potential of Nigeria’s equities market, attracting both local and international investors while fostering confidence in the nation’s economic landscape.
